MILAN (Reuters) -The board of Italian merchant bank Mediobanca will meet on Thursday to assess an improved offer by state-backed Banca Monte dei Paschi di Siena (MPS), a source close to the situation said on Tuesday.
MPS surprised investors in January by launching an all-share bid for the Milan-based larger rival, amid a consolidation wave sweeping Italian banking.
On Tuesday it raised its bid price by adding a 750 million euro cash component to its proposal, in a move aimed at gaining full control of the merchant bank.
Mediobanca has repeatedly opposed the MPS takeover offer, saying the price was “totally inadequate” and some 32% lower than what the bank’s board deemed fair.
(Reporting by Gianluca Semeraro, editing by Keith Weir)
