The Bank Board of Directors of Sabadell has unanimously rejected the OPA presented by BBVA by considering it insufficient and recommends that its shareholders do not accept the offer. David Martínez, shareholder and counselor, considers that the current price “makes BBVA’s OPA to Sabadell.
In this way, the Board of Directors of Sabadell has responded, after last September 5, the National Securities Market Commission (CNMV) approved the aforementioned OPA and that at the beginning of the week its acceptance period began.
For Sabadel, the price imposed by BBVA “does not properly collect” the intrinsic value of Sabadell’s shares, undoing “the project of the Catalan entity” very significantly “. So they have not hesitated to dismiss the offer.
Sabadell considers insufficient to assess your entity
Banco Sabadell Board of Directors explains that the ‘hostile’ OPA does not adequately represent the intrinsic value of the bank’s actions ”, so the valuation of the Sabadell Bank project and its perspectives to generate yields for the solo shareholder is insufficient.
He considers that the consideration does not reach the terms that the entity believes adequate and “is far from the fundamental value of Banco Sabadell and lacks a control premium on that value.” This assessment comes just a few days after the hostile OPA acceptance period started.
In a report sent this Friday to the National Securities Market Commission (CNMV), the Board of Directors believes that the best option for Sabadell Bank shareholders is not to accept the OPA.
This report includes the opinion of the Council and has been approved with the favorable vote of all the advisors of the entity, except that of David Martínez Guzmán, also a shareholder of the bank.
The document highlights that Martínez does not intend to go to the OPA because the current price “makes it unrealizable”, although he believes that the operation proposed by BBVA “constitutes the successful strategy for the two institutions.”