Mediobanca to give formal opinion on Friday on Monte dei Paschi's bid, source says

The board of Mediobanca MB will gather on Friday to discuss an unsolicited takeover offer by rival Monte dei Paschi di Siena BMPS and give formal advice to shareholders, a person with knowledge of the matter said on Monday.

Mediobanca has slammed the offer as hostile. But under Italian takeover rules, the board of a target company can take an official stance on a takeover bid only after the investor document for the offer becomes public.

The prospectus for the Monte dei Paschi bid was published last week after approval by markets watchdog Consob. The offer is due to start on July 14.