July 17, 2020 / 5:32 PM / 18 days ago

Intesa ups bid for UBI with 0.57 euro cash sweetener

FILE PHOTO: Intesa San Paolo bank logo is seen at the headquaters in Turin, Italy, November 7, 2018. REUTERS/Stefano Rellandini

MILAN (Reuters) - Intesa Sanpaolo (ISP.MI) improved the terms of its bid for UBI Banca (UBI.MI), 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.

Intesa said the improved offer valued UBI Banca shares at 4.824 euros each, a 44.7% premium on the stock from its value at Feb. 14, when the bid was first announced.

UBI has so far resisted the bid, which it says undervalued it. On Friday, shareholder groups controlling a total of 12% of the shares said they would tender their holdings.

Reporting by Valentina Za and James Mackenzie

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