Mediobanca Board Firm in Opposition to Revised MPS Takeover Bid

Rome: The board of Mediobanca announced Thursday that it remains opposed to Monte dei Paschi di Siena’s (MPS) takeover bid, even after MPS increased its offer for Italy’s premier merchant bank.

According to Ansa News Agency, MPS, recognized as the world’s oldest continually operating financial institution and Italy’s third largest bank, revealed it has surpassed the 35% minimum threshold necessary for the takeover to succeed, reaching a level above 38.5%. This development followed MPS’s announcement on Tuesday about enhancing its bid for Mediobanca by adding a cash component of 0.90 euros per share, in addition to offering 2.533 of its own shares for each Mediobanca share.

Despite these efforts, Mediobanca’s board maintains that the revised offer is “not sufficient, also in light of the risks of dis-synergies and destruction of value that characterize the Offer, to change the previous assessment of the Consideration as not fair and inadequate.”