BBVA adjust your offer by Bank Sabadell and now offers a cash payment of 0.29 euros and a new share for every 5.0196 of the Catalan bank. BBVA has agreed to adjust the consideration for its public takeover bid (OPA) on Banco Sabadell to the shareholders of this entity to the payment of the dividend made this Tuesday by the bank of Catalan origin, as well as to the remuneration of shareholders which will be paid by the bank chaired by Carlos Torres on October 10, in order to maintain the economic conditions of the offer after payment of dividends by the two entities.
Until now, BBVA’s offer to Sabadell shareholders consisted of offering only one new share of the purchasing bank for 4.83 shares of Sabadell, on the condition that its holders accept the proposal to sell the securities.
In accordance with the provisions of the previous announcement of the offer and as a result of the interim dividend for the 2024 financial year in the amount of 0.08 euros per share paid this Tuesday by Banco Sabadell to its shareholders, BBVA is proceeding with adjusting the offer price. offer to purchase one newly issued ordinary share of BBVA for 5.0196 ordinary shares of Banco Sabadell.
Likewise, the entity has undertaken to adjust from October 10 the consideration offered within the framework of the public purchase offer after the payment of the dividend that BBVA will pay on the same day of 0.29 euros per share. In this way, the consideration will be one newly issued ordinary share of BBVA and 0.29 euros in cash for 5.0196 ordinary shares of Banco Sabadell.
These adjustments, provided for in the previous announcement of May 9, 2024, aim to maintain the economic conditions of the offer equivalent, after payment of dividends by the two entities, explains BBVA to the National Securities Market Commission (CNMV).
BBVA’s takeover bid for Sabadell is still waiting for the CNMC to complete its report on the impact on competition in the sector of a hypothetical control of Sabadell by the Basque bank. For its part, the CNMV will wait for this competition report to approve the offer prospectus and kick off the operation. The government continues to oppose BBVA’s offer, both in substance and form.
