Shareholders representing about 18% of Unione di Banche Italiane SpA's capital said that Intesa Sanpaolo SpA's offer for the bank is "unacceptable."

The offer "appears hostile, not agreed upon, inconsistent with the implicit values of UBI Banca and therefore unacceptable," the members of UBI's shareholders' pact said Thursday in a statement.

The statement comes after Italian bank Intesa Sanpaolo launched a 4.9 billion euros ($5.3 billion) takeover bid for its smaller rival, offering UBI shareholders 17 newly issued shares of Intesa for every 10 UBI shares held.

This story was translated in whole or in part from an Italian-language version initially published by Milano Finanza-DJ, a partner of Dow Jones & Co.

(END) Dow Jones Newswires

February 20, 2020 11:45 ET (16:45 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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