Pop Sondrio: “Bper’s ops does not recognize real value, but the price is adequate” | EUROtoday

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The board of the Popolare di Sondrio “although considering the fee from a financial point of view, on the basis of the ‘Faiorss Opinion’ of Bofa Securities and Morgan Stanley, believes that the enhancement of the bank by Bper” doesn’t totally acknowledge the true worth “. So in a note from the board of the Valtellinese Institute, in which it is explained how, from its point of view, the OPS does not recognize “the expansion prospects and isn’t in keeping with the character and functions” of the offer itself, “aimed toward selling a big discontinuity with the stand-alone path of the financial institution and a consequent acquisition of the management” of the popular Sondrio “.

“Elements of uncertainty”

According to the board of the Valtellinese Institute, the merger and integration between the Popolare di Sondrio in Bper presents “elements of uncertainty and riskyness” and on the similar time “was not prepared by Bper a combined industrial plan, there is no information exemption in relation to expected synergies” and “the realization of the offer could have a negative impact on the reference territory” of the Valtelline Institute “at an employment level, By reducing the job offer and directing the bank’s strategy towards a cost reduction logic rather than sustainable organic growth ».

For the board, therefore, the “enhancement” of the bank by Bper “considerably penalizes the shareholders” of Sondrio, because the OPS “has not adequately enhanced”, among other things, “the anticipated synergies and the everyday prize attributable to related operations”.