Link Securities | BBVA (BBVA) will readjust the exchange ratio of its takeover bid for 100% of the capital of Banco Sabadell (SAB) at the end of the month to update the offer, as SAB will distribute a new cash dividend of 7 euro cents per share to its shareholders on 29 August, according to Cinco Días newspaper.
The bank will thus move from offering one BBVA share plus 70 euro cents for every 5.3456 SAB shares to offering one newly issued share of the acquiring bank plus the aforementioned 70 euro cents for every 5.5483 shares of the Catalan bank. The purpose of the adjustment, which had been planned since the operation was launched, is to maintain equivalent economic conditions for the offer after the payment of dividends by both entities.
