Company: BBVXF
Filing Date: 2025-08-12
Form Type: DRS
Source: 0000950123-25-007520
Chunk: 250

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-08-12
Form: DRS
Chunk 250
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 period or providing withdrawal rights in connection with
any such waiver. Such relief is conditioned upon BBVA’s undertaking not to waive the Minimum Acceptance Condition if the number of Banco Sabadell shares tendered and not withdrawn in the exchange offer does not permit BBVA to acquire at least
30% of the voting rights of the Banco Sabadell shares (excluding any treasury shares held by Banco Sabadell as of that time).

Additionally, BBVA has requested that the SEC provide no-action relief with respect to the provisions of Rule 14d-7 under the Exchange
Act and Section 14(d)(5) of the Exchange Act, so that BBVA may rely, if necessary, on Rule 162 under the Securities Act. Rule 162 under the Securities Act permits an offeror to

167

As confidentially submitted to the Securities and Exchange Commission on August 11, 2025.

This Amendment No. 4 has not been publicly filed with the Securities and Exchange Commission and all

information herein remains strictly confidential.

commence an exchange offer (often referred to as “early commencement”) before the registration statement relating to the offeror’s securities is declared effective if the offer is
subject to Rule 13e-4 or Rules 14d-1 through 14d-11 under the Exchange Act or if, among other things, the offeror provides withdrawal rights to the same extent as would be required if the exchange offer were subject to the requirements of Rules
14d-1 through 14d-11 under the Exchange Act, and so long as no tendered securities are purchased until the registration statement is declared effective and the offer has expired. Absent such relief, in order for BBVA to commence the exchange offer
before the Registration Statement is declared effective in reliance on Rule 162, BBVA would have to provide withdrawal rights throughout the entire acceptance period, i.e., through the expiration date of the exchange offer, pursuant to Rule 14d-7
under the Exchange Act. Furthermore, BBVA would be required to provide withdrawal rights after the expiration date of the exchange offer to the same extent as would be required by Section 14(d)(5) of the Exchange Act.

The SEC granted BBVA relief pursuant to BBVA’s request on , 2025. In granting such relief, the
staff of the SEC has confirmed that it would not recommend enforcement action if BBVA were to commence the exchange offer before the Registration Statement is declared effective, despite the fact that withdrawal rights would be provided