Spanish bank BBVA said today it raised its bid for Sabadell by 10% to €3.39 per share, valuing its smaller rival at €17 billion.
BBVA now offers one of its own shares for each 4.8376 Sabadell shares in what would be Spain's second-biggest banking deal by assets.
"The consideration will now be entirely in shares, so shareholders with capital gains would not be subject to taxation in Spain, if acceptance exceeds 50% of Banco Sabadell's voting rights," it said in a statement.
BBVA's board has also agreed to waive both the possibility of making further improvements to the consideration and of extending the acceptance period.
BBVA had previously offered 1 BBVA share for each 5.5483 Sabadell shares and 0.70 euros in cash, the equivalent to around €3.084 per share or €15.49 billion taking into account closing prices on Friday September 19 and the previous exchange ratio.
