On Sept. 22, BBVA announced the improvement of its offer to Banco Sabadell shareholders. The new offer represents a 10 percent¹ increase and is exceptionally attractive for Banco Sabadell shareholders, as it values Sabadell shares at their highest levels in more than a decade.
In addition, the consideration is to be entirely in shares, so that, as a general rule, shareholders with capital gains would not be subject to taxation in Spain, if take-up exceeds 50 percent of Banco Sabadell’s voting rights, as the transaction would qualify as tax neutral² in that case.
This new offer will also allow Banco Sabadell shareholders to benefit from the substantial value generated by the integration project: with the merger, they will obtain earnings per share³ (which then determines dividend per share) c. 41 percent higher than with a standalone Banco Sabadell.
Furthermore, BBVA said on Sept. 22, that its Board of Directors agreed to waive both the possibility of making further improvements to the consideration of the offer, pursuant to the provisions of Article 31.1 of Royal Decree 1066/2007, and of extending the take-up period, under Article 23.2 of Royal Decree 1066/2007.
How to take part in the offer
The take-up period resumes today and until Oct. 10, 2025, inclusive.
Not taking part in the share exchange means missing out on this unique opportunity. Banco Sabadell shareholders can tender their shares through one of the following two ways:
- Submitting the acceptance statement to take part in the share exchange in a few minutes, easily and cost-free with the help of a customer representative, whether a BBVA customer or not, in person at any BBVA branch or by calling +34 800 080 032 (for retail investors) or +34 911 859 673 (for institutional investors).
- Submitting their acceptance statement to take part in the share exchange to the Iberclear participating entity where their Banco Sabadell shares are deposited, either in person, by electronic means or by any other means accepted by said depositary entities.
Those Banco Sabadell shareholders who have already tendered their shares will also benefit from the improved terms of the offer, and they are not required to take any further action.
Banco Sabadell shareholders who wish to do so may find further information on the transaction and how to tender the shares in the explanatory document available at cnmv.es and bbva.com, as well as at BBVA offices, the CNMV and the stock exchanges.