Intesa Target UBI to Hire Advisers to Consider Bid Response (1)

Unione di Banche Italiane SpA Chief Executive Offer Victor Massiah got the green light to hire advisers to examine Intesa Sanpaolo SpA’s 4.9 billion-euro ($5.3 billion) takeover bid and formulate a response.

The CEO was mandated to bring in financial and legal experts to review the information disclosed so far and the formal offer document when it arrives, the Bergamo-based bank said on Wednesday.

Intesa made an unsolicited offer to buy UBI in an all-share deal that values the stock more than 28% higher than its closing price on Monday. The move late Monday night caught UBI Chief Executive ...