BBVA is holding an Extraordinary General Shareholders’ Meeting today at the Palacio Euskalduna in Bilbao, at which it is expected to approve the takeover bid (hostile takeover bid) for Banco Sabadell, and the capital increase -of 20%- necessary to make the bid, at a ratio of one new BBVA share for every 4.83 Banco Sabadell shares. At the time the offer was made public, this offer represented a premium of 30%, but at the close of trading yesterday – after the fall in BBVA’s share price and the rise in Banco Sabadell’s share price – it did not exceed 6%.
Yesterday, 24 hours before the BBVA meeting, Josep Oliu, chairman of Banco Sabadell, called on BBVA to publish “clear, transparent and complete” information on all the elements that could have an impact on the value offered in the takeover bid launched for his bank.
In a letter to Sabadell shareholders, made public on Thursday, Josep Oliú has defended that his claim to the Basque bank is necessary so that investors “can have considered and sufficient information for their decision making” on the takeover bid.
