By Mauro Orru 
 

Credito Valtellinese SpA has rejected an improved takeover bid by Credit Agricole SA's Italian subsidiary, saying the offer doesn't recognize the full value of the bank.

The Italian lender said Monday that the decision followed a board of directors meeting to assess Credit Agricole's offer for EUR12.20 a share, valuing Credito Valtellinese at roughly EUR856 million.

The improved offer also includes an additional EUR0.30 a share if Credit Agricole Italia SpA's stake exceeds 90%.

France's Credit Agricole launched a bid in November for its Italian subsidiary to take over Credito Valtellinese at EUR10.50 a share, but the offer faced resistance from some Credito Valtellinese shareholders amid concerns the current offer undervalues the Italian bank.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

April 19, 2021 13:16 ET (17:16 GMT)