The board of Mediobanca said Thursday that it remains opposed to Monte dei Paschi di Siena's takeover bid after the latter raised its offer for Italy's premier merchant bank.
MPS, the world's oldest continually operating financial institute and Italy's third biggest bank, said it has crossed the 35% minimum threshold to make the operation successful, going above the 38.5% mark.
That came after MPS had said on Tuesday that it was raising its bid for control of Mediobanca, adding a cash component of 0.90 euros per share on top of its offer of 2.533 of its own shares for every Mediobanca share.
Nevertheless, Mediobanca's board said that this was "not sufficient, also in light of the risks of dis-synergies and destruction of value that characterize the Offer, to change the previous assessment of the Consideration as not fair and inadequate".
