By Pietro Lombardi

Intesa Sanpaolo SpA's takeover offer for smaller rival Unione di Banche Italiane SpA starts on Monday and will run through July 28.

Last week, the board of UBI rejected the offer, saying that it doesn't reflect the value of the bank and is risky for its shareholders.

UBI's shareholders will now have their say, Intesa Sanpaolo Chief Executive Carlo Messina said Friday, adding that some of them supported the deal.

In February, Intesa launched a surprise all-share takeover bid for UBI, valued at the time at $5.3 billion. The combination would create Italy's largest bank.

Intesa has offered UBI shareholders 1.7 newly issued shares of Intesa for every UBI share tendered.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com; @pietrolombard10

(END) Dow Jones Newswires

July 06, 2020 01:40 ET (05:40 GMT)