Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 95

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 95
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 with the Target Company (by reference to the merger transaction discussed between BBVA and the
Target Company in 2020 that ended without reaching any agreement), with a view to creating a leading bank, with greater scale and competitive capacity. On April 30, 2024, due to a media report regarding the abovementioned discussions between
the Chair of BBVA and the Chairman of the Target Company, BBVA published an inside information notice (información privilegiada) confirming that the Chairman of the Target Company had been informed of BBVA’s board of
directors’ interest in initiating negotiations with the Target Company to explore a potential merger of BBVA and the Target Company. On that same day, BBVA made an indicative proposal in writing to the Target Company relating to a corporate
transaction, consisting of the proposed combination of the BBVA Group and the Target Company Group, through a merger by absorption of the Target Company by BBVA (the Merger), which was published as an inside information notice (información privilegiada) of BBVA on May 1, 2024 and registered with the CNMV with registry number 2232. On May 6, 2024, the Target Company published an inside information notice (información privilegiada) registered with the CNMV
with registry number 2234, rejecting BBVA’s proposal. The Target Company has refused to negotiate with BBVA regarding its proposal.

Following such rejection, on May 9, 2024, BBVA announced, through the publication of an inside information notice
(información privilegiada) (the “Prior Announcement”), the decision to launch an exchange offer (the “Exchange Offer”) for the acquisition of all of the issued and outstanding shares of
the Target Company. The consideration offered by BBVA to the shareholders of the Target Company, after the adjustments implemented thereto in October 2024 as a result of the interim dividends paid by both companies, consists of one
(1) newly issued share of BBVA and €0.29 for each five point zero one nine six (5.0196) shares of the Target Company (the “Consideration”), subject to certain further adjustments in the event of future dividend
distributions as set forth in the Prior Announcement.

Pursuant to the provisions of Royal Decree 1066/2007, of July 27, on the rules
governing tender offers (“Royal Decree 1066/2007”), the Exchange Offer is subject to mandatory clearance