Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 236

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 236
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 the exchange offer without extending the acceptance period as might
otherwise be required. Rule 14e-1(b) under the Exchange Act provides that, following an increase or decrease in the consideration offered under a tender offer, such offer must remain open for at least 10 U.S. business days from the date that
notice of the increase or decrease is first published or sent or given to securityholders. The SEC has taken the position that if the consideration offered in a tender offer is reduced as a result of a dividend or other distribution made by the
target company, then such reduction constitutes a decrease in the consideration offered for purposes of Rule 14e-1(b). If Banco Sabadell paid a dividend or other distribution prior to the settlement of
the exchange offer, each Banco Sabadell share would decrease in value as a result of such distribution, and BBVA would revise the proposed exchange ratio in order to account for the value of such distribution as described in this offer to
exchange/prospectus. As a result thereof, BBVA would be required to extend the exchange offer to the extent required by Rule 14e-1(b).

The SEC granted BBVA relief pursuant to BBVA’s request on September 2, 2025. Such relief permits BBVA, subject to certain
enumerated conditions set forth in the relief letter, to adjust the share consideration offered in the exchange offer if 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, provided that the publication of the results of the exchange offer in the Official Quotation Bulletins is made on the
same day or after the ex-dividend date of such distribution of dividends, reserves or any other type of distribution, as described in this offer to exchange/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