UBI miscalculated takeover bid value, says Intesa

By David Freitas
06 Jul 2020

After UBI Banca said that it would not be taking up Intesa Sanpaolo’s acquisition offer because it was too risky for UBI’s shareholders, Intesa said on Monday that the value of the offer is higher than its target believes.

UBI Banca has formally rejected the hostile takeover bid from Intesa Sanpaolo on the grounds that the terms of the offer would not adequately reflect its value in the combined entity.

UBI's board decided on Friday that the €320m estimate for synergies that its shareholders would benefit from ...

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