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Spanish bank BBVA has taken its €11.5bn offer for Banco Sabadell directly to shareholders, after the board of its smaller rival rejected its approach.
BBVA on Thursday launched a formal takeover attempt, with an all-share offer that values Sabadell shares at €2.13 each, an 18 per cent premium to the closing price on Wednesday.
Earlier this week the Sabadell board said that the BBVA offer “significantly undervalued” its standalone growth prospects. In a private email published by Sabadell on Wednesday, the BBVA chair said the bank had “no room” to improve the offer.
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