Overview
- BBVA now offers one new BBVA share for each 4.8376 Banco Sabadell shares, removing the prior €0.70 cash element.
- CNMV must approve a supplement to the prospectus within up to three working days, after which the acceptance window will resume and the deadline is expected to shift by roughly one to two days.
- BBVA has formally ruled out any further price increases or an extension of the acceptance period, and says the all‑share structure can be tax‑neutral for Spanish holders if acceptance exceeds 50% of voting rights.
- Sabadell’s CEO called the improved proposal “mala” and urged investors to consider waiting for a potential mandatory second offer, while analyst views on the new terms remain divided.
- Market pricing implies a small positive premium of about 3% for tendering, and the outcome hinges on whether acceptances exceed 50% for control or land between 30% and 50%, which could force a cash bid for the remainder under Spanish takeover rules.