Overview

• Sabadell’s CNMV-cleared acceptance window for BBVA’s hostile offer runs until October 7.
• Sabadell’s board unanimously recommends shareholders not tender, citing an insufficient price, potential adverse tax costs for many minority investors, and the forfeiture of a planned extraordinary dividend.
• BBVA chairman Carlos Torres reiterates there will be no price increase and identifies September 24 as the last day a modification would be possible under applicable U.S. regulations.
• Sabadell shares trade roughly 9–11% above the offer, reflecting investor bets on a higher bid that BBVA continues to dismiss.
• BBVA’s updated SEC filing shows the transaction would now create goodwill rather than the previously expected badwill, reducing the deal’s accounting attraction.