Banco BPM’s board convened to review Unicredit’s offer, stating that the proposed share exchange "does not reflect in any way the profitability or future value-creation potential for Banco BPM shareholders". The Lombard institute emphasized that the offer was not solicited and recalled that Piazza Meda's potential value "is further enhanced by the recently announced extraordinary transactions, which complement the actions already outlined in the 2023–26 industrial plan and will necessitate an update to the plan's targets, some of which have already been shared with the market".