Overview

• The acceptance period is open until October 7 with results due October 14, and BBVA says it does not intend to raise its bid despite having until roughly September 23 to modify terms.
• Sabadell’s board says the consideration significantly undervalues the bank and lacks a control premium, with chairman Josep Oliu asserting the bid is effectively dead.
• Government approval came with a ban on full integration for at least three years, curbing execution and cost-saving plans that BBVA touts at about €900 million annually.
• Director and 3.86% shareholder David Martínez backs the strategic rationale but calls the price unrealizable and will not tender his shares.
• The offer requires more than 50% acceptance to succeed, though BBVA could lower the threshold to 30%, which would trigger a mandatory improved cash offer under Spanish takeover rules, and some analysts say selling in the market currently looks more attractive than accepting.