Shares in Ubi Banca fall as deadline for joining tender passes
Reuters
Published Jul 27, 2020 15:41
MILANO (Reuters) - Shares in Ubi Banca (MI:UBI) are down 7%, while Intesa Sanpaolo (MI:ISP) is losing around 1% following the expiry of a deadline for investors to buy shares and tender them in Intesa Sanpaolo's takeover offer, the day before the formal end of the offer.
Broker Equita expects "Ubi shares to start underperform sharply because the stock doesn't incorporate the terms of Intesa offer anymore".
Under the terms of the deal, investors who buy shares in the two days before the end of the offer can no longer tender their shares. "Ubi shares acquired from today can no longer be offered for the takeover and that's weighing on the share," a Milan trader said.
The bid ends on July 28 and requires acceptance of 50% plus one share, though Intesa is targeting 66.67% take-up to guarantee control of extraordinary shareholder resolutions and to be able to subsume UBI within Intesa.
Investors tendered UBI shares in Intesa Sanpaolo exchange offer accounting for 32,662% of bid's target, Bourse data showed on Friday.
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Written By: Reuters
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