Overview

• Shareholders have until midnight on 10 October to accept BBVA’s offer, which targets a majority of Sabadell’s voting stock, with a 30%–50% outcome enabling a waiver of the 50% threshold and triggering a mandatory cash bid.
• Reports indicate the CNMV will communicate results next week, giving BBVA 24 hours to opt for a second OPA if it lands between 30% and 50%, and the bank would know the ‘equitable price’ it must pay before choosing.
• Sabadell executives say current acceptances are well below 50%—around the mid‑20s percent—and the board maintains its rejection, urging investors to consider a potential follow‑on cash offer.
• BBVA says it expects to clear 50%, has told investors it will not improve the price or pay more in a second bid, and argues institutional holders plan to tender.
• BBVA’s CEO says €8 billion is earmarked to fund any mandatory cash offer, while Sabadell has asked the CNMV to police public declarations of intent to accept, requiring detailed, irrevocable commitments and post‑announcement verification.