The proposed deal, which grants 1.6 Intesa shares and €1 cash per Monte dei Paschi share, fell flat against the board's internal valuation. Directors noted that comparable industry acquisitions typically command premiums closer to 30% over the pre-announcement price, or even 41% when measured against volume-weighted averages from the previous month.

While keeping the door open for further technical review of the Intesa offer, the bank is simultaneously evaluating a competing proposal from Banco BPM. This potential "merger of equals," backed by France’s Credit Agricole, remains under rigorous assessment despite recent shifts in the market values of both institutions. For now, Monte dei Paschi’s leadership is signaling that any path forward must provide a significantly higher valuation than the current Intesa package.