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MADRID - Banco Bilbao (NYSE:BBVA) Vizcaya Argentaria S.A. (BBVA (BME:BBVA)) has announced adjustments to its voluntary tender offer for the entire share capital of Banco de Sabadell, S.A. (Banco Sabadell), originally published on May 9, 2024. The adjustment comes as a result of dividend distributions by both banks, meant to maintain the economic terms of the offer equivalent for Banco Sabadell shareholders.
Following Banco Sabadell’s dividend payment of €0.1244 per share on March 26, 2025, BBVA has recalibrated the offer to one newly issued ordinary share of BBVA plus €0.29 in cash for every 5.3456 ordinary shares of Banco Sabadell. This adjustment was made in compliance with the terms set forth in the initial announcement.
Furthermore, BBVA’s General Shareholders’ Meeting, held on March 21, 2025, approved a final dividend payment of €0.41 per share against the 2024 financial year results. Consequently, the offer will be further adjusted as of April 8, 2025, the ex-dividend date for BBVA’s payout. Starting from that date, the consideration for Banco Sabadell shareholders will change to one newly issued ordinary share of BBVA and €0.70 in cash for the same number of Banco Sabadell shares.
The tender offer, which was submitted for authorization to the Spanish Securities Market Commission (CNMV) on May 24, 2024, and accepted for processing on June 11, 2024, is part of BBVA’s strategic efforts to consolidate its presence in the banking sector.
The adjustments ensure that the value proposition to Banco Sabadell’s shareholders remains consistent despite the dividend payments by both institutions. BBVA’s move to revise the offer terms reflects the company’s adherence to regulatory requirements and its commitment to providing equitable terms to shareholders in the midst of significant financial transactions.
This information, based on a press release statement, underscores BBVA’s meticulous approach to aligning the tender offer with recent financial activities, ensuring transparency and fairness in the acquisition process.
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