The underwriters of Banca Popolare di Milano’s €800m rights issue might well have escaped the inferno — but they will have to wait just a little longer to find out whether they are heading for purgatorio or paradiso.
The transaction is reaching its conclusion on Monday evening, the deadline for holders of rights accumulated during the last five days auction period to exercise. Although the share price closed at 0.292, below the 0.30 rights price, bankers in the syndicate said that they know who some of
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