Sabadell's board considers the BBVA offer insufficient and recommends shareholders not accept it
They have explained that the offer to buy shares is "aggressive" and does not "adequately reflect the intrinsic value of the bank's shares," significantly underestimating the Banco Sabadell project.
The board of directors of Banco Sabadell has unanimously rejected the offer of the BBVA, considering the offer insufficient, and has advised shareholders not to accept it.
This has been stated by the Board of Directors of Sabadell after the National Securities and Exchange Commission (CNMV) approved the above wish on 5 September.
The board of directors of Banco Sabadell has explained that the offer to buy shares is "aggressive" and "does not adequately reflect the intrinsic value of the bank's shares." They have stressed that it "significantly" underestimates the Banco Sabadell project and the prospects of generating profits only for the shareholder.
The counterpart "is not enough, it is far from the essential value of Banco Sabadell and has no control premium over that value."
Progress.
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