The Board of Directors of the Spanish entity Sabadell recommended its shareholders on Tuesday to rejected the public acquisition (OPA) of BBVA hostile, adding that it substantially undervalued the bank.
However, Mexican investor David Martínez, the major shareholder of the Board of Directors of Sabadell, with a 3.86% participation through Fintech Europe, said that he would accept BBVA’s recent offer, in what constitutes the first indication of acceptance during the period of the offer, which will run until October 10.
The offer currently amounts to about 16,970 million euros (19,910 million dollars).
Lee also: BBVA formally launches offer of 17,340 MDD by Sabadell; analysts see margin for a better offer
Sabadell still seeks to prevent BBVA OPA
“I have decided to participate in the offer presented by BBVA because I believe that the future consolidation of both entities in Spain will result in an even more competitive entity,” Martínez said in the council report.
In the report, Martínez said that great attention had been paid to the price of the offer, but in his opinion, “this factor is secondary to the strategic benefits of the integration of long -term entities.”
The recommendation of the Board is a last effort of the Directorate of Sabadell to prevent its greatest rival from advocating sufficient shareholders that its future is better in what would become the second largest bank in the euro zone by market value.
With Reuters information
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