Milan, March 12th 2007 - This morning the Board of FASTWEB (Milan MTAX: FWB) received from Swisscom a letter by which Swisscom expressed its intention to acquire, through a public tender offer the shares representing the entire capital stock of the company at a price of Euro 47 per share subject to: receipt of all necessary regulatory and governamental approval, reaching a minimum level of acceptance equal to at least 50% of the capital plus one share, the absence of any action by the Company that may jeopardize the offer, the absence of any breaches by SMS Finance S.A. to its undertaking to tender its shares into the offer, the absence of any material adverse changes.
The Board of FASTWEB acknowledged receipt of the proposal and its friendliness and underlines the good development opportunities the proposal offers to the company. The Board wishes that Swisscom will file and publish the tender offer notice required by the law promptly. Swisscom expressed its intention to publish such notice on March 22.
The Board already appointed Deutsche Bank and Unicredito bank and as its financial advisor in connection with the evaluation of the offer by the company.
FASTWEB chairman Silvio Scaglia and SMS Finance S.A., on their side, communicate that they entered today into an undertaking agreement with Swisscom whereby they commit to tender their 18,75% stake to the tender offer when it is finalised.