The company Intesa SanPaolo S.p.A has launched a voluntary public takeover offer to the shareholders of UBI Banca S.p.A. The offer period started on 06 July 2020 and will and on 28 July 2020. UBI Banca shareholders are offered 17 Intesa SanPaolo-shares per 10 existing UBI Banca-shares.
More information about this transaction is available on the company`s website under www.group.intesasanpaolo.com.
This information describes the potential effects this transaction will have on the above mentioned contracts.
Frankfurt: 22nd July 2020
The company Intesa SanPaolo S.p.A has informed on 17 July 2020 that they amended the terms of the voluntary public takeover offer to the shareholders of UBI Banca S.p.A.
Pursuant to the amended terms, UBI Banca S.p.A shareholders shall receive 1.7 Intesa SanPaolo S.p.A shares plus 0.57 Euro in Cash per one UBI Banca S.p.A shares. More information about this transaction is available on the company`s website under www.group.intesasanpaolo.com.
The adding of the cash component also has an impact on the calculation of the adjustment factor. The Cash component will be transferred into a corresponding number of shares. The calculation is as follows:
S1 = 0.57 / closing price of Intesa SanPaolo on 31 July 2020
Total number (S2) of Intesa SanPaolo-shares per 1 UBI Banca-shares = 1.7 + S1
R = 1 / S2.
update 31.07.2020
IntesaSanPaolo pbulished on 30 July 2020 the provisional result of the tender offer which ended on 30 July 2020. Options and Futures contracts will be adjusted according to Corporate action info 001 and 002. Please be aware that the formula used in attachment of info 002 to calculate the R-Factor contained an error. The formula as given above is correct. The resulting R-Factor and the adjustment result will be published after today`s market close.
Adjustment result:
Closing price Intesa SanPaolo: EUR 1.7072
R-Factor: 0.49167108
adjusted contract size BPD: 500 --> 1016.9400
adjusted contract size BPDI: 1000 --> 2033.8800
adjusted settlement price BPDI for series with OI:
SEP20 3.1634 --> 1.5554
no adjustment of TBPD due to 0 Open Interest
adjusted series:
120 0 -> 59 1 140 0 -> 69 1 160 0 -> 79 1
170 0 -> 84 1 180 0 -> 89 1 190 0 -> 93 1
200 0 -> 98 1 210 0 -> 103 1 220 0 -> 108 1
230 0 -> 113 1 240 0 -> 118 1 250 0 -> 123 1
260 0 -> 128 1 270 0 -> 133 1 280 0 -> 138 1
290 0 -> 143 1 300 0 -> 148 1 305 0 -> 150 1
310 0 -> 152 1 315 0 -> 155 1 320 0 -> 157 1
325 0 -> 160 1 330 0 -> 162 1 335 0 -> 165 1
340 0 -> 167 1 345 0 -> 170 1 350 0 -> 172 1
355 0 -> 175 1 360 0 -> 177 1 365 0 -> 179 1
370 0 -> 182 1 375 0 -> 184 1 380 0 -> 187 1
385 0 -> 189 1 390 0 -> 192 1 395 0 -> 194 1
400 0 -> 197 1 420 0 -> 207 1 440 0 -> 216 1
480 0 -> 236 1 520 0 -> 256 1 560 0 -> 275 1
640 0 -> 315 1
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