The Silchester fund breaks the delay and, according to financial sources close to the operation, adheres to the public purchase and exchange offer launched by Intesa Sanpaolo on Ubi Banca. With the 8.5% stake held by Silchester and today's membership at 43.48, the deal far exceeds the 50% share plus one share. Consob, meanwhile, has ordered the extension of the membership period ex officio for a further two trading days and therefore until 30 July.
The Consob decision comes after the clarifications to the findings on the table relating to the "Value of the UBI Banca share based on Intesa Sanpaolo's offer" published on the website of the former popular. After the Ubi press release issued today and considering that the publication "took place - it is written in the Consob resolution - near the end of the membership period (28 July 2020) and that, therefore, it appears necessary to allow Ubi Banca shareholders to have complete and correct information for an adequate period of time ", Cosob has decided ex officio to extend the acceptance period of the Offer.
The position taken by Intesa Sanpaolo continues, which, through a spokesman, underlines that Consob's decision is "motivated by Ubi's behavior towards its shareholders to whom it has not clearly represented all the most relevant elements of our offer".
In view of the closing of the offer, Ubi on the Stock Exchange recorded a thump of 8.82%, at € 3.326 while Intesa sold 0.77% to € 1.801, moving away from the offer values. The performance on the Stock Exchange is motivated by the fact that the Ubi securities purchased on the market can no longer be contributed to the Intesa Sanpaolo takeover bid and are therefore no longer supported by the premium implicit in the exchange, equal to 44.7% compared to the previous valuation. launch of the operation. Analysts of Equita, which is also an advisor to Ca 'de Sass, in reiterating their advice to join the OSP, expect that from today the Ubi stock "will begin to underperform significantly" with a downside risk "of over 40 % ".
In the financial circles, meanwhile, it is considered "very probable" that the offer reaches 66.67% of subscriptions and, probably, to go even further. A quota that will allow Intesa Sanpaolo to guarantee control of the extraordinary meeting and proceed with the merger with Ubi and the sale of the branches to Bper. The offer will still be effective with 50% subscriptions plus one share of Ubi's capital.