Overview

• The revised all-share terms offer one BBVA share for every 4.8376 Sabadell shares, valuing Sabadell at €3.39 per share.
• BBVA says it will not improve the proposal or extend the tender window, which is scheduled to close on October 7.
• Spain’s securities regulator must clear the updated offer before the acceptance period can resume.
• Sabadell’s board continues to urge rejection, and CEO César González-Bueno labeled the new proposal “very weak.”
• Accepting shareholders would own 15.3% of the combined bank, with tax-neutral treatment targeted if more than 50% of voting rights tender, and a government rule would delay operational integration for three years.