Sabadell Says BBVA Breached Tender Offer Rules By Publishing Extra Documentation
By Elena Vardon
Banco de Sabadell said that Banco Bilbao Vizcaya Argentaria violated tender offer rules by publishing extra materials alongside the inside information disclosure on its merger offer.
The Spanish lender said late Thursday that the move by its larger peer--who published a presentation and a press release separate to the original announcement, and later held a call with analysts--introduced incomplete information that might affect the market.
Sabadell informed Spain's National Securities Market Commission of this "to provide the market with complete and transparent information and to guarantee an orderly and correct process," the bank said in a regulatory filing.
BBVA didn't immediately reply to a request for comment.
Earlier on Thursday, BBVA launched a hostile all-share bid for Sabadell after its board rejected an initial proposal on the same terms.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
May 10, 2024 01:36 ET (05:36 GMT)
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