BBVA has improved its offer of access to Sabadell Bank by 10%
The president of the BBVA, Carlos Torres, has stressed that with this improvement they have made available to the shareholders of Banco Sabadell "an extraordinary offer, with historical valuation and price, and with the possibility of participating in the high value created with the union of the two banks".
The BBVA Board of Directorshas decided to improve the offer of Sabadell Bank and will offer ordinary shares of the new issue , an ordinary BBVA stock in Sabadell for every 4,8376 shares, an increase of 10%.
Previously, the bank offered a new BBVA stock and 70 cents in cash for every 5,5483 securities of the Catalan bank.
The BBVA has reported in a warning sent to the National Securities and Exchange Commission (CNMV) that, since the compensation offered will be in shares, shareholders with surplus-value will not be taxed if they accept more than 50% of Sabadell's voting rights, "as the transaction would be fiscally neutral."
At the end of Friday, the BBVA offered a new stock of the bank (16.41 euros) and 0.70 cents in cash, i.e. 17.11 euros and 5,5483 shares of Sabadell, valued at a total of 16.81 euros, which means that Sabadell's shareholder obtained a 1.8% premium for its shares.
Now, the entity chaired by Carlos Torres offers a bank share (16.41 euros) in Sabadell for 4,8376 shares (14.65 euros), a premium of 11.8%.
The president of the BBVA, Carlos Torres, has stressed that with this improvement they have made available to the shareholders of Banco Sabadell an "extraordinary offer, with historical valuation and price, and with the possibility of participating in the high value created with the union of the two banks".
"All of this means a significant increase in benefits for each of the actions planned in the future if they go to exchange, "he said.
The offer means that Sabadell's offer must be valued at EUR 3.39 per share, that is, at maximum levels of more than one tenth.
According to the bank, the value of the offer has improved by 60% since the day before the bank's interest became public on 29 April 2024, when it amounted to EUR 12.2002 billion, compared to EUR 19.5 billion today.
The entity also noted that the new offer would give Banco Sabadell shareholders a 15.3% stake in the BBVA.
In fact, he has specified that the merger will result in a profit per share (which determines the dividend per share), approximately 41% higher than the entity would if it were to move on its own.
"The premium offered at Banco Sabadell on the quotation value was very significant when the transaction was announced and much higher than that of other transactions similar to European banking, but has improved significantly following this increase in supply, "the BBVA adds.
Once the offer has been improved, the BBVA Board of Directors has decided to waive the possibility of further improvements, as well as to extend the deadline for approval.
BBVA has explained that the shareholders of Banco Sabadell, if they have gone to the exchange today, will benefit from the improved new terms of the offer.
The period of admission shall be suspended until the National Securities and Exchange Commission approves the Supplement to the Bid Improvement Brochure. Once approved, the period of admission shall be extended for the remaining days until the initial thirty days have been completed.
The BBVA will present its request for authorization to modify the offer today, together with the supplement to the explanatory leaflet, together with the report of an independent expert who certifies that the compensation has improved.
Until October 7th, the deadline for Sabadell shareholders to accept the BBVA purchase offer.
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