Elliott’s Banca CF+ Launches Takeover Bid for Banca Sistema (2)

Banca CF+, an Italian financial services firm controlled by Elliott Management Corp., is seeking to buy Banca Sistema SpA, according to a statement on Monday.

The firm is offering a combination of cash and shares worth €1.80 ($2.11) for each Banca Sistema share, a discount of around 8% compared to Banca Sistema’s Friday close. The offer currently values the bank at around €145 million, according to Bloomberg calculations.

The deal represents the latest in a series of potential M&A transactions that have turned the Italian financial services sector into a hotbed of activity in recent months. Bloomberg ...