Overview

• MPS anchored its hostile exchange offer on a minimum 35 percent acceptance threshold to secure de facto control of Mediobanca even if it falls short of the 66 percent goal.
• Luigi Lovaglio’s roadshow in London and New York elicited positive feedback from institutional shareholders and shifted investor focus to governance plans after the offer closes.
• Mediobanca’s board has officially rejected the bid, warning that the 35 percent threshold would not ensure effective control and would erode shareholder value by about €665 million.
• Francesco Gaetano Caltagirone’s group issued a formal statement refuting two of Alberto Nagel’s assertions about share acquisitions and pricing during MPS’s recent capital increases.
• Lovaglio reaffirmed his intention to appoint a new international CEO if the takeover succeeds and emphasized that major backers Delfin and Caltagirone have not interfered in management decisions.