Tiscali set May 5 deadline for offers - source

MILAN, April 16 (Reuters) - Tiscali (TIS.MI) set a first deadline of May 5 for non-binding offers for the Italian broadband operator, a source close to the situation said on Wednesday.

The company has been groomed for a sale and hired financial advisers last month to help it find a buyer.

Press reports have indicated at least seven companies are potential buyers.

(Reporting by Mathias Wildt)