Investor Delfin of Mediobanca will continue evaluating the 'highly intriguing' offer for Monte Paschi, as per the chairman's statement to a newspaper.
Delfin Continues to Evaluate Monte dei Paschi's Takeover Offer for Mediobanca
Delfin, the holding company of late Ray-Ban billionaire Leonardo Del Vecchio, is still considering Monte dei Paschi's takeover offer for Mediobanca. The Italian conglomerate, which holds significant stakes in both banks, finds the offer "very interesting."
Delfin owns a 19.8% stake in Mediobanca and a 9.866% stake in Monte dei Paschi. This dual ownership positions Delfin as a pivotal actor in the deal assessment. In an interview with Italian daily Corriere della Sera, Delfin's chairman, Francesco Milleri, indicated that any possible adjustment to the bid that would better reflect Mediobanca's market price would make the offer more attractive to investors.
Mediobanca's board has expressed opposition to the current offer, stating that it is "totally inadequate" and undervalues the bank by about one-third. The offer from Monte dei Paschi is worth 14.6 billion euros ($16.92 billion), which is 32% lower than what Mediobanca's board deemed fair.
Despite Mediobanca's opposition, Delfin continues to evaluate the offer. No public confirmation yet exists of any concrete adjustment being officially proposed by Monte dei Paschi, but the possibility remains open according to Delfin's chairman. Any potential adjustment to the offer could make it more appealing to investors, according to Milleri.
Delfin acquired a stake in Monte dei Paschi after the Italian Treasury sold a stake in the bank in November. The acquisition gives Delfin significant influence in the ongoing process.
In summary, Delfin is still considering the offer and finds it "very interesting." Adjustments to the bid, especially price improvements aligned with the stock market valuation, are seen as necessary to increase attractiveness to shareholders. Mediobanca's board remains opposed, currently viewing the bid as undervaluing the bank. Delfin's dual stakes in both companies give it significant influence in the ongoing process.
Delfin, with its significant stakes in both finance-related businesses Mediobanca and Monte dei Paschi, is pondering over the takeover offer from the latter for the former. Any adjustments to the bid that could reflect Mediobanca's market price more accurately, as suggested by Delfin's chairman, could potentially make the offer more enticing to investing parties.
