Banco BPI board meets today for final chance to decide on CaixaBank bid valued at EUR 1.94bn
Banco BPI board members will meet again today (Thursday 5 March) in an effort to get consensus on CaixaBank's EUR 1.32 per share voluntary offer, which some BPI investors believe is too low, reported Diario Economico. Sources familiar with the process told the Lusophone business paper that BPI's management is under pressure from several key shareholders to get a raised offer from CaixaBank, which already owns 44.1% of the listed Portuguese financial group.
BPI shares closed at EUR 1.44 on Wednesday and most market analysts believe there is room for CaixaBank to increase its bid value, which was pitched at the legal minimum based on the bank's average stock price over the past six months. BPI investors Isabel dos Santos, with a 19% stake, and the Violas family, owning 2.5%, have already indicated that the Spanish bank's bid is too low.
Meanwhile, Jornal de Negocios reported that the BPI board has until midnight today to pronounce on the CaixaBank offer, in accordance with Portuguese law on public takeovers. The bid values BPI at EUR 1.94bn.
Diario Economico, Jornal de Negocios