The BBVA chaired by Carlo Torres has notified the CNMV (National Securities Market Commission) this morning of a public offer of shares (takeover bid) for the capital of Banc Sabadell. The details of the proposal by the entity chaired by Carlos Torres over which Josep Oliu presides.
A public offer of shares to buy Sabadell securities.
To all the shareholders of Banc Sabadell
There is no purchase price but rather an exchange of shares. BBVA will deliver 1 of its own shares for every 4.83 Sabadell shares.
Calculated with the quotes of the two banks on the 29th, the day before BBVA's interest in Sabadell became known, the premium is 30%. What happens is that as the titles of both entities fluctuate, the premium changes at all times.
Because Sabadell's board of directors informed the CNMV on Monday that it rejected the offer under the same terms that BBVA launched today. Sabadell's governing body estimated that the bank would have more value for shareholders alone than if it were integrated into BBVA.
Yes. BBVA will only continue with the operation if it buys 50.1% of the shares.
