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The offer, the only bid received, was worth around 250 million euros ($308 million), below TIM's valuation for the business of around 350 million euros, three sources said on Tuesday..
One of the sources had said TIM would decide how to proceed by early next week.
French media group Vivendi, TIM's biggest shareholder, last year agreed to sell TIM's 70 percent stake in Persidera to win antitrust approval for its own plan to gain de facto control of the Italian phone group. The remaining 30 percent is owned by Italian media group GEDI.