Clessidra prepares improved bid for Telecom Italia Media-source

MILAN Thu Jan 31, 2013 10:33am EST

MILAN Jan 31 (Reuters) - Italian private equity fund Clessidra has decided to present an improved offer for Telecom Italia Media before its controlling shareholder Telecom Italia meets on Feb. 7 to examine the sale of the television company, a source close to the matter said on Thursday.

Earlier in January, Telecom Italia extended talks with bidders - Clessidra and media company Cairo Communication - after it dismissed initial offers for its TV unit as disappointing.

"Clessidra will present a better and binding offer by Feb. 7," the source close to the situation told Reuters.

Shares in Telecom Italia Media accelerated gains after news of the improved offer. By 1527 GMT they were up 5.9 percent at 0.163 euros, their highest in nine days. (Reporting By Claudia Cristoferi, writing by Danilo Masoni; editing by Antonella Ciancio)