The 16-strong board of MTS, the Rome-based bond exchange, will meet today to consider two diverging takeover proposals. They are expected to make a decision as early as next month on the offers, which vary by over €40m ($51.3m).

Pan-European stock exchange Euronext and its Italian counterpart, Borsa Italiana, are understood to have tabled a joint offer of €190m for 100% of the company.