UBI Starts Legal Action to Nullify Intesa’s $5.4 Billion Bid (2)

Unione di Banche Italiane SpA will start a legal process to invalidate Intesa Sanpaolo SpA’s hostile takeover bid, arguing that the coronavirus crisis has changed the conditions of the offer.

The pandemic may have activated the “material adverse change” clause in Intesa’s offer and UBI wants a decision on whether Intesa’s failure to waive the clause in a timely fashion nullifies the bid, the bank said in a statement Tuesday evening.

“The judicial action is aimed at protecting the subjective rights of UBI Banca and is complementary to the initiative submitted before market regulator Consob,” the lender said. The ...