There is no longer any feeling between the MPS Foundation and the private equity funds interested in buying shares in the Sienese bank, of which the body has put 15% up for sale. The main problems are two: the value to be attributed to the securities and any influence on the governance structure.
After Hourglass by Claudio Sposito withdraws from the race also Equinox. The Fund was interested in acquiring 9,9% of the shares and had offered 0,32 euro for each share, which was lower than the market value. The Foundation rejected it the proposal. The same outcome also for the offer of the Brazilian Fund Thirst Brazil, which valued the MPS share at an even lower price, 0,29 euros per share.
According to the rumors reported today by the newspaper "La Stampa", the offer of the Optimun fund for 2%, in addition to that of Aleotti family (Menarini group), contacted by the Foundation itself, which could acquire up to 4%.
As far as governance is concerned, however, it appears that the Foundation has changed its intentions in the running. According to what "Mf" reports this morning, in the Entity's projects there would no longer be a single strong shareholder to whom to transfer a significant portion of the share package, but a fragmentation of the capital put up for sale which reduces the influence of the new shareholders on the overall governance of MPS.
