Sabadell Bank reported this Tuesday that only 2.8% of the shareholders whose shares are deposited in the Catalan entity have gone to the takeover bid of BBVAaccording to the notification published in the National Securities Market Commission (CNMV).
has communicated these figures “in order to promote transparency and avoid speculation in the market“and it has done so once it has received the final number of acceptances processed by Banco Sabadell clients before BBVA in its capacity as agent bank of the OPA.
It explains in the statement to the CNMV that the shares of Banco Sabadell whose holders have them deposited in this bank represent 30.8% of the share capital.
Of this percentage, 2.8% has accepted BBVA’s takeover bid with a number of shares that represent 1.1% of the share capital of Banco Sabadell. Therefore, the Vallesano bank highlights, 97.2% of these shareholders have not accepted the takeover bid.
According to Sabadell, these figures show the difficulty that BBVA will have to reach 50% acceptanceas the main executives of the entity have been defending since the acceptance period for the takeover bid began on September 8.
Furthermore, the Catalan entity recalls the rejection that this operation has caused both in the business world, with chambers of commerce, associations and unions against it, and in the political world.
This Friday all the results of the takeover bid will be known
Sabadell has anticipated the National Securities Market Commission (CNMV) which, predictably, will release all the data this Friday, October 17, after the acceptance period has closed last Friday, October 10.
It is worth remembering that the success of BBVA’s takeover bid is currently conditional on achieve a minimum acceptance of 50%. However, if you stay between 50% and 30% acceptancethe Basque bank has reserved the possibility of waiving the minimum acceptance threshold of 50% and reducing it, as long as it obtains at least 30% of Sabadell’s voting capital.
This scenario is what has opened the possibility that BBVA will have to launch a second mandatory takeover bid by Sabadellwhich must be in cash, or with a cash alternative, for all the capital that does not already have an equitable price, a concept that has generated a debate between the two entities about what criteria to follow to set that price.
Last week the CNMV addressed the debate by clarifying that, in the event of a possible second mandatory takeover bid, it would announce the Criteria for determining fair pricebelow which the price set by BBVA could not be placed.
However, there is also the scenario in which BBVA does not reach 30% acceptance in the current takeover bid, thus the offer will be declared unsuccessfulor that achieves it, but decides not to waive the 50% acceptance condition and, therefore, will also be considered failed.
