Intesa Sanpaolo Sweetens UBI Offer
20 Julio 2020 - 12:35AM
Noticias Dow Jones
By Pietro Lombardi
Intesa Sanpaolo SpA has increased its takeover offer for smaller
rival Unione di Banche Italiane SpA, adding a cash component.
The Italian bank said Friday that it is now offering 0.57 euros
($0.65) in cash in addition to 1.7 of its shares for each share in
UBI.
Based on the value of the shares in February, before the
takeover bid was announced, the new offer values UBI shares at
EUR4.8 each, with a premium of almost 45% on its share price on
Feb. 14, Intesa said.
In February, Intesa launched a surprise all-share takeover bid
for UBI, valued at the time at $5.3 billion. The combination would
create Italy's largest bank.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com;
@pietrolombard10
(END) Dow Jones Newswires
July 20, 2020 01:20 ET (05:20 GMT)
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