July 17, 2020 / 2:28 PM / a month ago

Ubi shareholder Fondazione Banca del Monte Lombardia accepts Intesa offer: source

MILAN (Reuters) - Ubi Banca (UBI.MI) shareholder, Fondazione Banca del Monte di Lombardia will tender its 4% stake in Ubi under the takeover offer from Intesa Sanpaolo (ISP.MI) for its smaller rival, a person close to the foundation said on Friday.

Fondazione Banca del Monte di Lombardia has been part of the CAR investor group, which holds a total of 19% of Ubi shares and which has rejected the Intesa takeover offer.

But the move to accept Intesa’s offer, which runs until July 28, is expected to result in Fondazione Banca del Monte di Lombardia leaving CAR, the source said, adding the decision was taken unanimously.

UBI’s board rejected the offer earlier this month saying it did not reflect the bank’s “fundamental value”.

The head of another Ubi shareholder group, Sindacato Azioni UBI Banca, with a stake of some 8%, said it would also tender its shares in the offer, the local Giornale di Brescia newspaper reported on Friday.

Reporting by Andrea Mandalà; editing by James Mackenzie

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