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MADRID - Banco Bilbao Vizcaya Argentaria (BBVA) announced Tuesday that it requires acceptances representing at least 2,498,699,000 shares of Banco de Sabadell to proceed with its takeover offer, according to a statement released to Spain’s securities regulator.
The minimum threshold represents just over 50% of Sabadell’s voting rights, excluding treasury shares. BBVA confirmed that Sabadell currently holds 26,280,538 treasury shares, equivalent to 0.52% of its share capital, bringing the total number of Sabadell shares excluding treasury stock to 4,997,397,194.
The voluntary tender offer, which was authorized by the Spanish Securities Market Commission (CNMV) on September 5, concluded its acceptance period on October 10. BBVA has not yet disclosed how many Sabadell shareholders accepted the offer.
According to the offer prospectus, the bid’s effectiveness is contingent upon BBVA securing more than half of Sabadell’s voting rights by the end of the acceptance period, not counting treasury shares.
The announcement comes as part of BBVA’s ongoing effort to acquire the entire share capital of Sabadell, which would create one of Spain’s largest banking entities if successful.
BBVA released this information in response to a request from the CNMV, according to the press release statement.
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