Overview

• The acceptance window closes at midnight on 10 October, with both sides maintaining sharply different projections and no public result yet.
• BBVA says it is on track to surpass 50% acceptance, pointing to accelerated tenders and a narrowing gap between its offer and Sabadell’s market price.
• Sabadell estimates acceptance near or below 30%, citing slow retail participation and expectations among some investors that a better offer might follow.
• BBVA raised its offer during the process, valuing Sabadell at €3.382 per share in the amended terms.
• Key holders have split positions: investor David Martínez (~3.86%) will accept while Zurich (~5%) will not, and the CNMV has warned that speculation about a potential second cash offer could influence behavior.