(Bloomberg) -- Banco BPM SpA’s €1.6 billion all-cash offer to take over Anima Holding SpA doesn’t adequately price the potential of the Italian asset manager, according to one of its top shareholders.
The offer by Italy’s third-largest bank of €6.20 per share for Anima is below the valuation of about €8.40 per share seen by Dunas Capital Asset Management. The Spanish fund manager says it holds 0.6% of the company, putting it in the top 10 shareholders, according to data compiled by Bloomberg.
“The purchase offer made by Banco BPM does not reflect, in any way, the value of Anima’s business,” Carlos Guitierrez, head of equities at Dunas, said in an interview. The Spanish asset manager has held Anima shares for at least six years.
Under a conservative valuation, Dunas had estimated Anima’s value at €7.75 even if it lost the assets under management that it distributes through Banca Monte dei Paschi di Siena SpA, one of its main outlets. But last week’s acquisitons of Paschi stakes by both Banco BPM and Anima make the shares even more attractive, Dunas said.
“Now, with the purchase of 5% of Paschi by Banco BPM and 3% by Anima, the volume of funds managed by Anima and distributed by Paschi is more stable, considerably reducing the probability of loss thereof, which would lead us to Anima valuations of about €8.4 per share,” Gutierrez said.
Anima shares have risen 7% since BPM launched the offer earlier this month. On Monday they traded at around €6.14, and are up about 54% since the start of the year.
BPM announced a takeover bid for Anima on Nov. 6, in a deal that could create an investment firm overseeing €220 billion in assets. The Milan-based bank, which already owns a 22.4% stake in Anima and has a distribution accord with it, is seeking to take the company private.
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