Deals
UBI Says Intesa Takeover Bid Doesn’t Reflect Bank’s Value
- UBI increases dividend estimate days before offer begins
- Lack of cash in Intesa bid puts shareholders at risk, UBI says
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Unione di Banche Italiane SpA rejected Intesa Sanpaolo SpA’s unsolicited takeover bid as insufficient and increased its dividend estimate just days before the public offer is set to start.
The value of the offer is “inadequate” and “penalizes the shareholders of UBI Banca compared with the shareholders of Intesa” the bank said in a statement on Friday. The lack of a cash component in the deal presents unnecessary risks for UBI investors, it said.