After threatening to launch a hostile takeover for Banco de Sabadell via the Spanish media a week ago, BBVA, Spain's second largest bank, has actually now launched a hostile offer for its smaller rival.
BBVA has formally filed an all share offer in a voluntary tender that has similar terms to its previous bid for Banco de Sabadell. Below is a link to the Bloomberg report on the filing:..
There you go - in a highly unusual move Spanish lender BBVA has unveiled the full detail of its offer for smaller rival Banco de Sabadell on a public holiday.
BBVA is offering one share for every 4.83 Banco de Sabadell shares, valuing Sabadell at EURO 12.3 billion.
That represents a premium of 30pc above yesterday's closing price.
This bid situation looks like its about to kick off!..
It's been a while since little old Betaville has witnessed a hostile banking takeover in Europe.
But apparently BBVA is considering just that after little old Betaville smoked out its renewed interest in buying Banco de Sabadell yesterday morning...
Here is a reason why it's now almost impossible to believe anything European companies say publicly these days.
After little old Betaville's UNCOOKED Alert this morning about the takeover rumours surrounding Banco de Sabadell SA a spokesperson for the company "denied" to Mark "The Kleinmanator" Kleinman that it was in sale/merger talks with BBVA...
Now BBVA appears to be confirming little old Betaville's UNCOOKED Alert from earlier this morning about the merger and takeover rumours surrounding Banco de Sabadell...
Oh look - the old Mark, "the Kleinmanator", Kleinman of Sky News appears to have picked up on little old Betaville's Banco de Sabadell UNCOOKED Alert from earlier today.
He hasn't written a full story but is out there on Twitter tweeting away. I have pasted the Tweets below in case you missed it them:..