(Bloomberg) -- KKR & Co. reiterated its interest in Telecom Italia SpA in a letter that will be delivered as soon as Wednesday to the troubled former phone monopoly, according to people familiar with the matter.

The U.S. private equity giant asked Telecom Italia again for the opportunity to conduct due diligence at the company, said the people, who asked not to be identified since the letter isn’t public. KKR made a 10.8 billion-euro bid for the company in November.

KKR also noted in the letter that Telecom Italia has been downgraded and market conditions changed since last November’s approach. The fund said it welcomes that Telecom Italia’s board has started engaging with them, however.

Spokespeople for KKR and Telecom Italia declined to comment.  

Telecom Italia hired Kirkland & Ellis as international M&A counsel to negotiate with KKR, the people said.

Earlier this month Telecom Italia’s board of directors said it remains committed to its own reorganization plan, which hinges on an eventual merger with smaller state-backed rival Open Fiber SpA. According to a statement Telecom Italia released, the company offers “untapped value” that needs to be taken into account before evaluating options other than its own plan.

Still, the carrier said its board voted unanimously to allow Chief Executive Officer Pietro Labriola and Chairman Salvatore Rossi to proceed further in discussions with KKR. That decision comes in the wake of pressure from some of the company’s independent directors to move ahead with KKR, people familiar with the matter said.

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