Monte dei Paschi Says Intesa's Sweetened Bid Still Leaves Shareholders Exposed
Monte dei Paschi di Siena (MPS) said on October 12 that suitor Intesa Sanpaolo's sweetened takeover offer leaves MPS investors exposed to several uncertainties while forcing them to ditch a possible alternative plan. The MPS board met the same day to discuss the latest developments.
Intesa pledged on October 3 to pay MPS shareholders a further 800 million euros in cash provided they reject a counter-plan MPS proposed to fight Intesa's 34 billion euro cash-and-share bid. MPS chief executive Luigi Lovaglio had asked investors to back the counter-plan at an October 29 vote, even if they later intended to accept Intesa's offer.
Following Intesa's ultimatum, leading MPS investors holding in aggregate a third of the bank's capital said they would reject the defence plan and accept the bid. Their stance makes it impossible for Lovaglio to reach the two-thirds majority he needs at the October 29 vote.
MPS said there was no certainty the bid would unfold as expected and produce the targeted returns. A completed deal would reshape Italy's banking sector.
Source: GSM · USA (original Chinese edition)
Photo: 图：Banca Monte dei Paschi di Siena. Siena, Italy.JPG，作者：DV，授权：CC BY-SA 3.0，来源：Wikimedia Commons
