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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.

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