Company: BBVXF
Filing Date: 2025-09-08
Form Type: 425
Source: 0001193125-25-198316
Chunk: 11

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-08
Form: 425
Chunk 11
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 provisions of the aforementioned exemption from the SEC under U.S. regulations, as detailed in chapter V.6 of the Prospectus, could only make use of this possibility of waiver if it acquires at least 30% of the voting rights of the shares of Banco Sabadell at the end of the acceptance period of the Offer, excluding any treasury stock held by Banco Sabadell as of that time, if applicable. The waiver of the Minimum Acceptance Condition in accordance with Article 33.3 of Royal Decree 1066/2007 or, where appropriate, its reduction or elimination in accordance with Article 31 of Royal Decree 1066/2007, and the acquisition by BBVA of a number of Banco Sabadell shares of less than 50% of the voting rights to which the Offer is addressed, would mean that, if BBVA achieves, as a result of the Offer, a stake equal to or greater than 30% of Banco Sabadell’s voting rights, it will then be obliged to launch a mandatory takeover bid for the acquisition of shares in cash (or, at least, with an alternative in cash) at an equitable price in accordance with the provisions of Article 9.2.e) of Royal Decree 1066/2007 and without conditions, aimed at the entire share capital of Banco Sabadell. The financing needs of this mandatory takeover bid could vary significantly depending on the number of Banco Sabadell shares that accept the Offer and those that accept the mandatory takeover bid. BBVA would finance a possible subsequent mandatory takeover bid with its available resources. As BBVA may waive the Minimum Acceptance Condition at the time when Banco Sabadell’s U.S. shareholders no longer have the right of withdrawal under U.S. regulations (a right that U.S. shareholders would have if the SEC had not granted the waiver), such shareholders are advised that they should consider not participating in the Offer if their decision could be affected by such eventual waiver. In accordance with Article 39 of Royal Decree 1066/2007, in the event that the Offer is void due to non-compliancewith the Minimum Acceptance Condition, BBVA, the companies belonging to its group, the members of its board of directors and its management team may not promote another public offer for the acquisition of Banco Sabadell shares until six months have elapsed from the date on which the Offer becomes null and void. Offer, nor may they acquire securities or incur in any of the cases determined by the obligation