July 6, 2020 / 6:37 AM / a month ago

Intesa says UBI Banca underestimates value of its bid

ROME, July 6 (Reuters) - The value and the synergies of the takeover bid by Intesa Sanpaolo for UBI Banca are higher than those estimated by UBI’s board, Intesa said on Monday.

UBI Banca on Friday rejected a takeover bid by rival Intesa Sanpaolo, saying it was inadequate and too risky for its shareholders.

The all-paper offer to buy UBI will be launched on Monday by Intesa, which is offering 1.7 new shares for each UBI share.

“The merger is one of the instruments to maximise the value creation of the transaction, but even without a merger the strategic objectives and the synergies are largely achievable,” Intesa Sanpaolo said in a statement.

Intesa added that UBI did not show clearly the implicit premium assigned in the offer to the market price of UBI shares.

Reporting by Giulia Segreti, editing by Louise Heavens

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