Banco de Sabadell SA (BME:SABE) announced Tuesday that only 2.8% of its shareholders who are also clients have accepted BBVA SA’s $19.07 billion hostile takeover bid.
This represents just 1.1% of Sabadell’s total share capital, according to a regulatory filing published by the Spanish bank.
The shareholders who participated in this partial recount account for 30.8% of the bank’s capital.
The low acceptance rate among Sabadell’s client-shareholders could potentially raise doubts about whether BBVA will reach the 50% threshold needed for the takeover to succeed.
Approximately 40% of Sabadell’s capital is held by retail shareholders, and around 80% of these retail investors are also clients of the bank.
BBVA’s offer values Sabadell at 16.48 billion euros ($19.07 billion).
Source :
https://www.investing.com/news/stock-market-news/sabadell-reports-low-acceptance-of-bbvas-19-billion-takeover-bid-4284777
