Intesa's Takeover Offer for UBI Begins
July 06 2020 - 1:55AM
Dow Jones News
By Pietro Lombardi
Intesa Sanpaolo SpA's takeover offer for smaller rival Unione di
Banche Italiane SpA starts on Monday and will run through July
28.
Last week, the board of UBI rejected the offer, saying that it
doesn't reflect the value of the bank and is risky for its
shareholders.
UBI's shareholders will now have their say, Intesa Sanpaolo
Chief Executive Carlo Messina said Friday, adding that some of them
supported the deal.
In February, Intesa launched a surprise all-share takeover bid
for UBI, valued at the time at $5.3 billion. The combination would
create Italy's largest bank.
Intesa has offered UBI shareholders 1.7 newly issued shares of
Intesa for every UBI share tendered.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com;
@pietrolombard10
(END) Dow Jones Newswires
July 06, 2020 01:40 ET (05:40 GMT)
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