Intesa Sanpaolo has increased the cash component of its takeover offer for rival Banca Monte dei Paschi di Siena (MPS) by €0.25 per share, bringing it to €1.25. The move is aimed at winning MPS shareholders’ support before an October 29 vote on an alternative strategy proposed by the MPS board.
The improved offer is conditional on shareholders rejecting the alternatives proposed by MPS CEO Luigi Lovaglio. Intesa has said it will withdraw its bid if shareholders approve either proposal, which would see MPS acquire Banco BPM or Banca Generali.
The vote will put MPS shareholders before a choice between Intesa’s takeover offer and Lovaglio’s proposed acquisitions.