BMPS tenders Banco BPM offer; Crédit Agricole may seek better terms
BMPS launched an Aug 21 tender offer for 1.567 BMPS shares per Banco BPM share. Crédit Agricole, a major ~29% holder, may press for changed terms, price concessions, or a broader three-way deal.
Banca Monte dei Paschi di Siena S.p.A. (MIL:BMPS) launched an Aug 21 tender offering 1.567 BMPS shares for each Banco BPM share, implying €16.30 after a special dividend. A major holder with about 29% of Banco BPM, Crédit Agricole, may seek revised terms, a price concession or a broader three-way deal.