Banca Monte dei Paschi di Siena (BMPS.MI) is set to convene its board late on Monday to assess the current situation following Intesa Sanpaolo’s (ISP.MI) recent commitment to increase its takeover offer, having secured backing from several key investors in MPS, according to sources familiar with the matter. Last week, Intesa announced it would enhance the cash component of its €35 billion acquisition proposal by 25% if MPS shareholders reject the defensive strategy put forth by CEO Luigi Lovaglio. The board meeting will address the latest developments, although it’s uncertain whether any further defense strategies will be presented to board members. Lovaglio has called for a shareholder vote on his defense plan for October 29, requiring a two-thirds majority for approval. However, shareholders representing approximately 30% of the bank’s capital have indicated they will not support the initiative, jeopardizing the possibility of meeting the necessary approval threshold. This report has updates from sources and includes additional context on the situation.
