Overview

• The negative premium on BBVA’s offer has shrunk to about 4.75% on Sept. 18 from 5.16% a day earlier, down from roughly 15% in early August and at its lowest level since late June.
• Sabadell has underperformed BBVA for four straight sessions, with early Thursday moves of +1.0% for BBVA and −0.1% for Sabadell, signaling further price convergence into the offer period.
• BBVA chair Carlos Torres has repeated that the bank will not raise the price and has pointed to Sept. 24 as the practical cut-off for any change, with the acceptance window running to Oct. 7 and extendable up to 70 days.
• BBVA denies it will lower the minimum acceptance threshold from 50% to 30%, a step that would require a follow-on mandatory cash bid within a month at an equitable price subject to CNMV approval.
• Sabadell’s board maintains its recommendation to reject the bid as significantly undervaluing the bank, while investor voices, including major shareholder David Martínez, and analysts such as Renta4 press for a higher offer; trading patterns suggest retail selling and arbitrage activity.