However, the proxy referred to Sawiris' bid as "highly conditional, " and TIM Hellas' owners rejected it.
Semler says TIM Hellas was trading at half the average multiple of European wireless firms.
Telecom Italia owned 81% of TIM (short for Telecom Italia Mobile) Hellas at the time.
The new owners quickly merged TIM Hellas with Q-Telecom and revamped management and marketing.
The mining company, Hellas Gold, is 95 percent owned by Canadian mining company Eldorado Gold Inc.
This particular private equity deal that has fallen apart is a mobile telecoms company in Greece called Hellas.
Eldorado boss Eduardo Moura said the Hellas Gold project would "generate approximately 5, 000 direct and indirect jobs in Greece".
That means shareholders of Q-Telecom would receive 2.8 times the multiple their shell company, Troy, was paying TIM Hellas investors.
Semler is arguing that the missing link is a grab bag of goodies, like handsets, that Telecom Italia is selling to TIM Hellas.
The shootout involves tim Hellas, formerly Greece's third-largest wireless phone company.
Just over a year later, the good ship Hellas is not faring much better than Odysseus and his crew, veering from one near-disaster to the next.
Hellas Gold holds mining licenses for an area covering 317 square kilometers (122 square miles) with proven and probable reserves of lead, zinc, silver, gold and copper.
In August 2005, shortly before minority shareholders were set to get bought out, Semler asked TIM Hellas' TPG-Apax-controlled board to appoint an independent fairness committee to assess the price.
Its crucial recent match against then second-place Hellas Verona drew only 3, 000 Sassuolo fans most of them appeared to be families, in contrast to the vocal, mostly male traveling support from Verona.
WSJ: Sassuolo on Brink of Promotion to Italian Soccer's Serie A
Craig Davies left Oxford United to play for Hellas Verona in Serie B a couple of years ago and former Watford and Stoke striker Gifton Noel-Williams had a year in the Spanish Segunda Liga with Real Murcia and Elche.
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