Banco Sabadell has accused BBVA of violating the takeover bid regime with its offer and introducing “incomplete” data that may affect the market, as the entity has communicated to the National Securities Market Commission (CNMV).
In this text sent to the CNMV, Sabadell has responded to the hostile takeover launched this Thursday by BBVA for 100% of Banco Sabadell, arguing that the entity has published a presentation in English about the operation, a press release and has also offered This morning a press conference and an appearance with analysts in which, they claim, details have been given that have been hidden from Sabadell and the market.
That said, Sabadell assures that there is “documentation not incorporated into the announcement” and that the information provided at said meeting “violates article 32.1 of Royal Decree 1066/2007, of July 27, on the regime of public offers for the acquisition of securities and, in general, they introduce incomplete data that can affect the market.
Thus, Banco Sabadell has informed the National Securities Market Commission of this circumstance in order that the market has complete and transparent information and an orderly and correct process is guaranteed.
The board of directors of BBVA has decided to formulate a hostile takeover bid (OPA) for 100% of the shares of Banco Sabadell after this entity rejected a friendly proposal, according to the statement sent to the National Commission of the Stock Market (CNMV).
BBVA offers Sabadell shareholders an exchange of one new title for every 4.83 of Sabadell, the same offer that it had proposed last week to the board of directors of the Catalan entity, so the 30% premium over the closing price of both entities on April 29; 42% on the weighted average prices of the last month; and 50% on the weighted average prices of the last three months.
