Monte dei Paschi secures 62.3% of Mediobanca shares [Yahoo! Finance]
MEDIOBANCA SPA UNSP/ADR (MDIBY)
NASDAQ:AMEX Investor Relations:
mediobanca.com/en/investor-relations/index.html
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Source: Yahoo! Finance
In a statement, BMPS said during the acceptance period, which ended on 8 September, “total acceptances of the offer reached 62.3% of the share capital of Mediobanca”. “This transaction creates a new competitive force, among the leaders in the Italian banking sector, offering a wide and diversified range of products and services for the benefit of households, businesses and communities,” the bank added. Italy's BMPS first launched an unsolicited bid to acquire its larger competitor in January. However, Mediobanca's leadership strongly resisted the takeover attempt. Earlier this month, BMPS sweetened its offer with a €0.90 ($1.05) cash payment per Mediobanca share, alongside a share exchange of 2.533 new shares of BMPS. The cash component, amounting to a financial commitment of approximately €750m, was introduced to make the offer more appealing after Mediobanca criticised the initial bid as “totally inadequate”. The total compensation now values Mediobanca shares at €16.334
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