The board of Banca Monte dei Paschi di Siena, chaired by Cesare Bisoni, has deemed the takeover offer from Intesa Sanpaolo inadequate and will instead continue a technical review of a rival combination proposal from Banco BPM.
The board voted unanimously against the Intesa offer, which proposes 1,600 Intesa shares plus one euro in cash per BMPS share, implying a valuation of roughly €30.6 billion. BMPS argued the implicit 12.5% premium falls well below the roughly 30% average seen in comparable Italian bank deals. Directors also questioned the €2.9 billion in projected annual synergies and raised concerns that a planned split of the branch network with Unipol would undermine the bank's local lending model. The Unipol deal covers 635 branches for approximately €3–3.5 billion. Intesa Sanpaolo CEO Carlo Messina has stated the offer represents the maximum value the bank is prepared to pay.
The next BMPS board meeting is scheduled for 6 August 2026.