Mediobanca board to review MPS 13.3 billion euro | Inventory Information
MILAN (Reuters) – Mediobanca (OTC:)’s board will meet on Tuesday to debate a bid for the Italian service provider bank by state-backed Monte dei Paschi di Siena (MPS), a particular person close to the scenario stated.
On Friday, MPS joined the consolidation wave sweeping Italian banking with a 13.3 billion euro ($13.96 billion) all-share offer to buy Mediobanca, which was welcomed by the Italian authorities, however puzzled analysts and traders.
In a letter despatched to workers on Saturday and seen by Reuters, Mediobanca’s Chief Govt Alberto Nagel stated the MPS offer had not been agreed with the bank and that the board would specific its views, with the purpose of defending the pursuits of all stakeholders, notably workers.
On Friday, a particular person close to the scenario instructed Reuters that MPS offer was not pleasant, although not surprising.
MPS is offering 23 of its own shares for each 10 Mediobanca shares tendered, representing a 5% premium to Thursday’s closing price. Nevertheless MPS shares misplaced 7% on Friday, that means the offer now implies a 1.2 billion euro low cost to the market price.
($1 = 0.9530 euros)
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