July 28, 2020 / 6:52 AM / 15 days ago

Ubi's main shareholder group CAR accepts Intesa offer

MILANO, July 28 (Reuters) - UBI Banca's main shareholder group, dubbed CAR, said on Tuesday it will tender its shares in Intesa Sanpaolo's bid.

The group, which holds some 19% of UBI Banca, had so far rejected Intesa's offer saying it was "hostile, unsolicited and not consistent with UBI Banca's underlying values".

On July 17 Intesa Sanpaolo raised the value of its bid for rival UBI, adding a cash sweetener to secure investor backing for its plan to create the euro zone's seventh-largest banking group.

Reporting by Gianluca Semeraro; editing by Valentina Za

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