## Banca IFIS Completes Acquisition of Illimity Bank Shares
banca IFIS has successfully concluded its tender offer for the shares of Illimity Bank, securing 84.09% of the total share capital – representing over 70 million shares – as of the final day of the offer period. This follows an initial adhesion rate of 52.33% reported the previous day, according to a statement released through Borsa Italiana. Notably, Corrado Passera, the founder and CEO of Illimity, contributed to the offer by tendering his own shares, amounting to 3.973% of Illimity’s capital.
### Offer Falls Short of Premium Incentive
While the final participation rate is substantial, it did not surpass the 90% threshold required to trigger a 5% cash premium – equivalent to €0.1775 per Illimity share – offered by Banca IFIS as an incentive for full participation in the public exchange offer.
Despite missing the premium incentive, the achieved percentage comfortably exceeds the minimum 66.67% acceptance rate stipulated by the Furstenberg Institute. This fulfillment of the essential threshold allows Banca IFIS to proceed with its plan to merge Illimity Bank through an unusual assembly.
### A Landmark Deal in Italian Banking
This acquisition marks the first successful resolution of a contested situation within the Italian banking sector in recent times. The offer, launched on May 19th, gained momentum following Banca IFIS’s shareholder, Cliff (holding 50.64% of Banca IFIS’s capital), announcing the 5% bonus for exceeding the 90% acceptance level. This strategic move significantly impacted a pre-existing consultation pact, which had previously consolidated 27.2% of Illimity’s capital,built around the prospect of this takeover.
the consultation pact dissolved through mutual agreement, reflecting the shifting dynamics and ultimately, the compelling nature of Banca IFIS’s offer. This outcome signals a period of consolidation within the Italian banking landscape, with Banca IFIS poised to integrate Illimity Bank and leverage the combined strengths of both institutions. The Italian banking sector has seen a 6.2% increase in mergers and acquisitions in the last quarter, according to a report by mediobanca [[1]], demonstrating a broader trend towards consolidation.