Sabadell Board Recommends Shareholders Don't Accept BBVA's $18 Billion Offer
By Elena Vardon
The board of Banco de Sabadell recommended that its shareholders don't tender their shares to BBVA's hostile $18 billion takeover bid, which they have repeatedly said undervalues the bank.
The Spanish lender on Friday issued its board's opinion as the offer was finally put to shareholders earlier this week when BBVA received the last regulatory approval for the bid more than a year after it was first announced.
"The board unanimously rejects the offer and, consequently, it considers that the best option for Banco Sabadell shareholders is not to accept the offer," it said.
Banco Bilbao Vizcaya Argentaria--as the bank is formally known--went hostile in its pursuit of Sabadell in May last year with the aim of creating one of the biggest lenders in the eurozone. Sabadell's management has fiercely opposed the unsolicited approach and has repeatedly advocated for its standalone prospects.
For every 5.5483 Sabadell shares, BBVA is offering one newly issued share plus 0.70 euro in cash. BBVA has said that it doesn't intend to raise the offer's price.
This currently values Sabadell at 15.23 billion euros, or $17.98 billion, based on Thursday's closing prices
The acceptance period for the bid opened on Monday and runs until Oct. 7.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
September 12, 2025 03:16 ET (07:16 GMT)
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