MPS offer for Mediobanca hits minimum take-up threshold

Shareholder participation in Monte dei Paschi di Siena’s offer for Mediobanca has exceeded 38.5%, well above the 35% threshold deemed essential for the deal to go ahead.

The bid was launched in July and will run until 8 September, before reopening for a further week on 16 September.

On Tuesday, MPS improved its bid by offering €0.90 in cash for each Mediobanca share. That's on top of 2.533 of its own shares for each one in Mediobanca.

The fresh offer values Mediobanca at €19.85 per share, in line with Wednesday's closing prices.

The consolidation will create Italy’s third-largest lender, although Mediobanca has been seeking to fend off the takeover by its smaller rival.

Mediobanca rejected the bid from MPS in January, warning that it would be “strongly destructive” and weaken its business model.

Investors who have tendered their shares include the Caltagirone group, the Del Vecchio family through Delfin Sarl, and the Benetton family, among others.

Still to be verified are the positions of the three social security funds that are shareholders in Mediobanca: Enasarco, Enpam and Cassa Forense, which cover 5.5% of the financial institution's capital.