MADRID, May 6 (Reuters) – Sabadell’s (SABE.MC), opens new tab board will meet on Monday to discuss an all-share offer from larger Spanish bank BBVA (BBVA.MC), opens new tab that was worth around 12 billion euros ($12.9 billion) when announced last week, two sources familiar with the matter said.
BBVA said on May 1 it had proposed offering one newly issued share for every 4.83 Sabadell shares, a premium of 30% over the smaller bank’s April 29 closing price, to create one of the biggest lenders in the euro zone by market value.
The two Spanish banks called off previous merger talks in November 2020 as they could not agree on terms.
Sabadell, which said its board would assess the offer and lined up investment banking advisers Morgan Stanley and Goldman Sachs to assess its options, declined to comment on Monday on the meeting or its possible outcome.
The board could decide to formally enter into talks with BBVA, demand better terms or reject the proposal. One of the sources said it was not clear whether Sabadell’s board would take a decision and formally announce it on Monday.
Source: REUTER
