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MADRID - Banco Bilbao Vizcaya Argentaria (BBVA) has requested authorization from Spain’s securities regulator CNMV to amend its voluntary tender offer for Banco de Sabadell, according to a regulatory filing on Monday.
The revised offer would improve the exchange ratio to one newly issued BBVA share for every 4.8376 Sabadell shares, replacing the previous offer of one BBVA share plus €0.70 in cash for every 5.5483 Sabadell shares.
BBVA’s board approved the improved terms on September 21, one day before submitting the amendment request to the regulator. The bank has included an independent expert report from Deloitte Strategy Risk & Transactions to validate that the new terms represent an enhancement to the original offer.
The takeover bid was initially authorized by the CNMV on September 5, with the acceptance period beginning on September 8. The amendment comes two weeks into this period.
To support the amended offer, BBVA has established an additional cash deposit to cover fractional shares resulting from the new exchange ratio.
The bank submitted a supplement to the original offer prospectus along with supporting documentation, including the independent expert report and an auditor’s report on pro-forma combined financial information.
The amendment requires CNMV approval before it can take effect. BBVA disclosed the information in compliance with Spanish securities market regulations.
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