May 19, 2020 / 3:17 PM / 14 days ago

UBI tells Italy market regulator Intesa's takeover bid no longer irrevocable

MILAN, May 19 (Reuters) - UBI Banca has told Italy’s market regulator that a proposed takeover offer by bigger rival Intesa Sanpaolo should no longer be considered as irrevocable, the country’s fifth-largest bank said on Tuesday.

UBI said in a statement it believed the COVID-19 pandemic constituted a “material adverse change” (MAC) which, under contractual clauses customarily included in acquisition deals, gives the buyer the right to walk away from the purchase before closing.

UBI said it had brought to Consob’s attention that the Intesa takeover offer could no longer be considered as irrevocable because the MAC clause applied under the current circumstances.

Reporting by Valentina Za; editing by James Mackenzie

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