Sabadell will announce its opinion on BBVA's new offer this afternoon.

Banco Sabadell's Board of Directors will meet again with its analysts and investors this afternoon to announce its opinion on BBVA's hostile takeover bid. This is a routine procedure, a consequence of the change in the exchange announced by BBVA a few weeks ago, which modifies the terms of the hostile takeover bid.

The entity chaired by Josep Oliu announced the meeting on Tuesday morning in a statement to the National Securities Market Commission (CNMV), clarifying that the presentation can be followed online.

This Tuesday was the deadline for the Board of Directors to publish its analysis of the new exchange proposed by BBVA, which a few weeks ago improved the terms of the takeover bid by 10% and made the exchange exclusive to shares. With this, the offer now includes an exchange of one new BBVA share for every 4.8376 Sabadell shares , and the period for this exchange ends on October 10.

At the Board's last meeting with analysts in September, where the new terms of the takeover bid were analyzed, both Oliu and CEO César González-Bueno considered this offer "even worse" than the previous one (one BBVA share plus 0.7 euros for 5.5438 Sabadell shares). The new exchange, they argued, undervalues ​​the bank's current value.

However, despite the fact that the takeover bid premium has been negative in recent months (this was one of the points most emphasized by Sabadell shareholders for not participating in the exchange), since BBVA's latest offer, the profit for those who exchange their shares in the takeover bid and do not sell them on the market has returned to a positive trend. Yesterday, Monday, the stock market closed at over 2%.

In any case, the question remains as to how David Martínez Guzmán will vote. In the latest analysis of the Sabadell Board of Directors, the board member joined the general opinion of the leadership in rejecting the offer, but indicated that he did see strategic sense in the merger between the two entities.