Intesa to Pay Up to EUR397.5 Million in UBI Squeeze Out
August 05 2020 - 2:08AM
Dow Jones News
By Pietro Lombardi
Intesa Sanpaolo SpA said late Tuesday that it will pay up to
397.5 million euros ($469.2 million) to buy the remaining shares in
Unione di Banche Italiane SpA that weren't already tendered by
shareholders.
The Italian bank will pay the same stock-and-cash consideration
offered in its takeover bid for the remaining 9.8% stake, that
being 1.7 Intesa shares and EUR0.57 in cash for each UBI share or
EUR3.539 in cash per UBI share, the latter only to shareholders who
request it.
Intesa has secured strong support for its takeover bid for
smaller rival UBI and it now controls around 91% of UBI's
capital.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com;
@pietrolombard10
(END) Dow Jones Newswires
August 05, 2020 01:53 ET (05:53 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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