Today starts the offer period relating tooffer launched by Bper on Popolare di Sondrio. The operation, unless extended, will be concluded on July 11, while the payment for the shares is scheduled for July 18.
La Emilian bank shows up at the appointment with a market capitalization that is close to 11 billion. The stock, which has risen by more than 33% since the beginning of the year, this morning gained 1,4% of its value to 7,66 euros per share. Pop Sondrio, for its part, has gained 1% since January 53,8st, rising to 11,67 euros per share (today +1%), for a market cap of 5,39 billion euros.
Bper – Pop Sondrio: the details of the offer
The offer started on June 16th and will last for a total of 20 days of open stock exchange. Bper has put on the table 1,45 ordinary shares of new issue for each Popolare Sondrio share brought in to join. At the closing value of the Valtellina bank last Friday (11,55 euros), the market attributes a greater value to the Popolare di Sondrio compared to the 10,9475 euros implicit in the Ops.
“At Friday's closing prices, the offer was still trading at one discount equal to 5,22% compared to the price of BP Sondrio", analysts highlighted WebSim, according to which “Bper should add a cash component to ensure control of the BP Sondrio Assembly”.
The Equita Sim, last June 5, highlighted that the Pop Sondrio title is trading at a premium of approximately 6% compared to the implicit price of the offer.
The exchange between Sondrio and Modena
The merger and integration between Popolare di Sondrio into Bper presents “elements of uncertainty and risk”, the board of directors of the Valtellina institute underlined last Friday, through a note in which it is explained that at the same time “Bper has not prepared a combined business plan, there is a lack of comprehensive information in relation to the expected synergies” and “the implementation of the offer could have a negative impact on the territory of reference” of Sondrio “at an employment level, reducing the job offer and directing the Bank's strategy towards a logic of cost reduction rather than sustainable organic growth”. For the board, therefore, “the valorisation” of the bank by Bper “significantly penalizes shareholders” of Sondrio, because the takeover bid “did not adequately value”, among other things, “the expected synergies and the typical premium attributable to similar operations”.
Ready the answer of Bper which confirmed the “appropriateness” of the price offered and emphasized the “strong industrial rationale” of the operation, considered “consistent with the strategy of strengthening the group in the reference territories”.
“The industrial rationale of the operation – continues the note from Bper – has been carefully examined and authorised by the competent sector authorities”. Furthermore, “it creates a stronger and more resilient group capable of better supporting its customers (private individuals, families and businesses) and the territories" and "intends to enhance human resources and preserve the link with the territories where Popolare di Sondrio is present, with a view to continuity and respect for local specificities and safeguarding employment levels, as demonstrated by previous M&A operations implemented by the Bper Group”.
Finally, the operation is expected to be “ accretive to earnings per share, also thanks to and not only to the expected industrial synergies' and 'the combination strengthens the ability to generate capital and distribute sustainable dividends in the long term, generating benefits for both Bper and Pop Sondrio shareholders”.
