July 17, 2020 / 6:42 PM / in a month

UBI Banca investor Fondazione CRC accepts revised Intesa bid

MILAN (Reuters) - UBI Banca (UBI.MI) investor Fondazione CRC has accepted an improved takeover offer by Intesa Sanpaolo (ISP.MI) on UBI, the foundation said on Friday.

Italy’s Fondazione CRC, which owns 5.9% of UBI Banca, said the new offer tabled by Intesa recognized the value of the takeover target.

Intesa Sanpaolo improved the terms of its bid for UBI Banca, offering 0.57 euro in cash as well as 1.7 of its own shares for each share of its smaller rival, the bank said on Friday.

Reporting by Andrea Mandalà, writing by Francesca Landini

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