Spain’s Sabadell urges shareholders to reject BBVA’s exchange offer

Banco Sabadell's board of directors has urged its shareholders to reject the share exchange offer made by rival bank BBVA. The board firmly believes that the offer "significantly undervalues the bank, its strategic plan and its future prospects." BBVA's proposal entails an exchange of one of its common shares plus €0.70 ($1.17) in cash for every 5.5483 Sabadell shares. Sabadell rebuffed BBVA's advances, having previously rejected merger proposals in November 2020 and May 2024. The board stated that it ...