Monte dei Paschi Board to Review Intesa Bid
Banca Monte dei Paschi di Siena will hold a board meeting on Monday following Intesa Sanpaolo's pledge to raise its takeover offer. Key investors have already withdrawn support for the bank's defense plan ahead of an October vote.
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BANCA MONTE DEI PASCHI SIENA will convene an emergency board meeting late Monday to review its takeover defenses after INTESA SANPAOLO pledged a richer cash bid. The emergency gathering in Italy follows surging pressure from key institutional investors backing the suitor. The outcome will dictate whether CEO Luigi Lovaglio pushes ahead with a contested shareholder vote later this month.
