Spanish bank BBVA goes hostile in Sabadell takeover bid [Yahoo! Finance]
BNP PARIBAS SPONS ADR (BNPQY)
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Source: Yahoo! Finance
The new bid would be carried out under the same conditions as the merger proposal rejected by Sabadell's board of directors -- an exchange of one new BBVA share for every 4.83 Sabadell shares, BBVA said in a statement sent to the Spanish stock market regulator CNMV. This offer values Sabadell, Spain's fourth-largest banking group in terms of capitalisation, at nearly 11.5 billion euros ($12.3 billion). Sabadell had said Monday that its board had "carefully considered" the initial offer but concluded that it was "not in the best interest" of the bank. "The board believes that the proposal significantly undervalues the potential of Banco Sabadell and its standalone growth prospects," it explained, saying it was "highly confident in Banco Sabadell's growth strategy and its financial targets". It also pointed to the recent "decline and volatility in the BBVA share price" which reflected "the uncertainty around the value of the proposal". BBVA then informed Sabadell in a letter
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