Italy's second-largest telecom company Fastweb said Monday its board considers a 47 euros ($62.35) per share offer by Switzerland's largest telephone company Swisscom as fair and considers it a good development opportunity.
Fastweb said its financial advisers, Deutsche Bank and UniCredit Banca Mobiliare, have expressed a positive opinion of the friendly takeover bid launched by the Swiss state-controlled telecom group.
Swisscom plans to make an all-cash bid for Fastweb that values the Italian broadband company at 3.7 billion euros ($4.9 billion) .
Fastweb's board met Monday to evaluate the banks' "fairness opinion" on the Swisscom bid.
The Milan-based company is Italy's second-largest fixed-network operator, and the first in the country to offer a triple-play package combining voice, data and video over Internet technology.