July 7, 2020 / 10:35 AM / a month ago

UBI crosses swords again with Intesa on value of takeover bid

MILAN, July 7 (Reuters) - UBI Banca on Tuesday reiterated its assessment that a takeover offer by rival Intesa Sanpaolo does not adequately reward its shareholders, amid an escalating war of words with Italy’s second-biggest bank.

Intesa formally launched its 3.5 billion euro ($4 billion) all-paper bid on Monday just days after UBI Banca told its shareholders on Friday the offer was not generous enough.

Intesa has criticised UBI’s stance and warned that shareholders who reject the bid will hold onto UBI shares that no longer include the premium currently priced in by markets.

$1 = 0.8867 euros Reporting by Valentina Za and Andrea Mandala; editing by James Mackenzie

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below