Commerzbank shares traded at €36.53 by 08:12 GMT, falling short of the €37.33 valuation implied by UniCredit’s proposal. Since the bid was officially launched on May 5, the German bank’s stock had consistently maintained a premium above the offer price, suggesting that shareholders were betting on a higher counter-bid or a rejection of the current terms.

UniCredit’s offer utilizes an exchange ratio of 0.485 of its own shares for every Commerzbank share tendered. With UniCredit currently trading at €76.97, the market is signaling skepticism regarding the long-term upside of the proposed merger. The current tender period expires Tuesday, though the bank has scheduled a secondary 15-day window beginning June 20 to collect further shares.