Luigi Gubitosi, chief executive of Telecom Italia (TIM), told the board that he is willing to step down if it helps speed up KKR's decision to buy Telecom Italia.
TIM's board is expected to decide on Tuesday whether to accept a takeover proposal from A consortium led by KKR and whether to retain CEO Luigi Gubitosi.
In addition, TIM's risk management committee will first review the group's financial position on The 25th.
On November 22nd Telecom Italia received a non-binding offer from KKR, an American private-equity giant, to take Italy's biggest telecoms group private.
Kohlberg Kravis Roberts & AMP; Co. L.P. (KKR for short) is an old leveraged buyout king, one of the most successful industrial investment institutions in the history of finance, and one of the world's oldest and most experienced private equity investment institutions.
KKR is known to be particularly adept at management buyouts. KKR's investors mainly include corporate and public pensions, financial institutions, insurance companies and university funds. Over the past 30 years, KKR has completed 146 private equity deals totaling more than $263 billion.
KKR's offer for 100 percent of Telecom Italia is worth 10.8 billion euros, according to the announcement, adding the company's existing net debt, bringing the total offer to nearly 33 billion euros.
It is worth noting that, if completed, it would be the largest takeover offer in Europe to date.
Vivendi, the French media group and TIM's largest shareholder, has been pushing for a change at the helm. Since July, Vivendi has issued two profit warnings that have reinforced its determination to call for a change at the helm.
Vivendi, from France, is one of the world's largest media conglomerates, including universal Music, the world's largest music company.
Vivendi, founded in 1853 as General Water, has been involved in communications and media since 1983 and changed its name to Vivendi in 1998.
In December 2000, Vivendi Universal Entertainment was established through the acquisition of Canal+ TELEVISION network and Universal Pictures.
Vivendi Is now the world's second-largest Internet group after AOL Time Warner, with 80,000 permanent employees and $25 billion in annual revenues. It is mainly divided into five business groups: film and television, publishing, music, telecommunications and Internet.
Like KKR, Vivendi is known for acquisitions, and gamers are likely to recognize its name -- vivendi acquired blizzard, a well-known gaming company.
TIM's board will decide whether to allow the private equity giant, led by KKR, to conduct pre-takeover due diligence, and the appointed advisers will help process the proposal.
If Vivendi succeeds in ousting Gubitosi, the KKR acquisition will become uncertain, people involved in the matter said.