Credito Valtellinese Rejects Credit Agricole's Improved Takeover Bid
By Mauro Orru
Credito Valtellinese SpA has rejected an improved takeover bid
by Credit Agricole SA's Italian subsidiary, saying the offer
doesn't recognize the full value of the bank.
The Italian lender said Monday that the decision followed a
board of directors meeting to assess Credit Agricole's offer for
EUR12.20 a share, valuing Credito Valtellinese at roughly EUR856
The improved offer also includes an additional EUR0.30 a share
if Credit Agricole Italia SpA's stake exceeds 90%.
France's Credit Agricole launched a bid in November for its
Italian subsidiary to take over Credito Valtellinese at EUR10.50 a
share, but the offer faced resistance from some Credito
Valtellinese shareholders amid concerns the current offer
undervalues the Italian bank.
Write to Mauro Orru at email@example.com; @MauroOrru94
(END) Dow Jones Newswires
April 19, 2021 13:16 ET (17:16 GMT)
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