Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 231

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 231
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/prospectus, without extending the acceptance period by 10 U.S. business days as required by
Rule 14e-1(b). If the share consideration offered in the exchange offer is adjusted as described in this offer to exchange/prospectus because Banco Sabadell makes any distribution of dividends, reserves or any other type of distribution to its
shareholders (regardless of whether it is an ordinary, extraordinary, interim or complementary distribution) prior to the settlement of the exchange offer, BBVA will disseminate an announcement of such adjustment through a press release and will
file such announcement with the SEC via the EDGAR filing system on the date that the announcement is made. BBVA will also make an “other relevant information” filing with the CNMV in Spain.

Furthermore, BBVA has requested that the SEC provide no-action relief with respect to
Rule 14d-4(d)(2) under the Exchange Act. Rule 14d-4(d)(2)(i) under the Exchange Act requires that, in the event of a material change other than price or share levels, an exchange offer must remain open
for at least five U.S. business days from the date that the related material changes to the exchange offer materials are disseminated to security holders. The SEC has held that a waiver of a minimum acceptance condition is a material change in
the terms of an offer.

The SEC granted BBVA relief pursuant to BBVA’s request on September 2, 2025. Such relief permits BBVA
to, following the expiration date of the exchange offer, waive the Minimum Acceptance Condition in accordance with Spanish law and practice (i.e., through the first Spanish stock exchange business day following the date on which BBVA receives the
CNMV Notification) in the event that the Minimum Acceptance Condition has not been satisfied as of the end of the acceptance period, without extending the acceptance 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undertaking not to waive the Minimum Acceptance Condition if the number of Banco Sabadell shares tendered and not withdrawn in the exchange offer would not permit BBVA to acquire at least 30% of the voting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 Rule 14d-7 under the Exchange Act and Section 14(d)(5) of the Exchange