Italy’s Intesa Sanpaolo has secured the support of two-thirds of its shareholders for $4.8bn takeover of smaller rival UBI Banca.

UBI’s shareholder group, which includes wealthy northern Italian families, businesses and banking foundations, agreed to tender their 18% stake in the bank.

The take-up of the tender offer exceeded the minimum threshold requirement of 50%+1 share and reached a tad under 72% of UBI’s capital.

As a result, Intesa has obtained more than its targeted acceptance of 66.7% of capital – a majority it needed to delist UBI and merge it into the group.

According to reports, the London-based Silchester International Investors tendered its entire 8.6% stake in UBI.

Parvus Asset Management is also a major part of the shareholder group. Silchester and Parvus collectively own a 17% stake in UBI.

The takeover bid was formally launched on 6 July with a closing date of 28 July.

However, Italy’s market regulator Consob recently extended the offer period by two days.

Intesa first launched the €4.9bn takeover bid to acquire UBI Banca in February.

Last month, Intesa secured the green light from the European Central Bank (ECB)  and revised its deal terms with local rival BPER Banca to clear antitrust hurdles for the acquisition.

Intesa has also secured the market regulator nod.

Earlier this month, UBI Banca’s board unanimously rejected the takeover bid citing that the bid is “inadequate” and added that it does not reflect its “fundamental value”.

However, Italy’s insurance company Cattolica Assicurazioni agreed to tender its 1% stake in UBI.

Intesa also secured the antitrust nod from Italian Competition Authority (AGCM).

To win over the core shareholders of UBI, Intesa sweetened the deal by offering €0.57 in cash besides 1.7 new Intesa shares for each UBI share.

However, last week UBI rejected the sweetened deal stating that the cash aspect only partially offsets a shortfall in the valuation of the firm, which touches around €1.1bn.

Following the receipt of “last minute” support from shareholders, Intesa now has full control of the takeover bid, sources said.