Mediobanca's board is scheduled to convene on Tuesday to review a takeover bid from state-backed Monte dei Paschi di Siena (MPS), according to a source familiar with the matter.

MPS made headlines in Italian banking by proposing a 13.3 billion euro ($13.96 billion) all-stock purchase of Mediobanca, a move that left analysts and investors perplexed.

In a message to employees on Saturday, Mediobanca's Chief Executive Alberto Nagel clarified that the bank had not endorsed the MPS bid. He emphasized that the board would assess the offer to safeguard the interests of all stakeholders, particularly employees.

A source close to the matter informed Reuters on Friday that the MPS bid, while anticipated, was not considered amicable.

MPS is suggesting an exchange ratio of 23 of its shares for every 10 Mediobanca shares tendered, offering a 5% premium over the prior day's closing price. Nevertheless, MPS shares fell by 7% on Friday, resulting in the bid now reflecting a 1.2 billion euro discount to the market price.

($1 = 0.9530 euros)