Reported 1 day ago
The board of Spanish bank Sabadell has unanimously recommended that shareholders reject BBVA's €15.3 billion ($17.97 billion) hostile takeover bid, deeming it to significantly undervalue Sabadell's business. The acceptance period for BBVA's offer runs until October 7, with analysts speculating that BBVA may need to raise its offer as Sabadell's shares have surged. Despite the board's stance, some members believe that BBVA's strategy is sound but criticized the current offer price, while the Spanish government has imposed restrictions that complicate the merger.
Source: YAHOO