Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 234

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 234
---
 from the SEC

Tender Offer Rules Exemptive and No-Action Relief

BBVA has requested that the SEC provide exemptive relief from the provisions of Rule 14e-5 under the Exchange Act to permit BBVA to conduct certain trading activities in the Banco Sabadell shares prior to and during the conduct of, but outside of, the exchange offer. Subject to certain exceptions,
Rule 14e-5 under the Exchange Act prohibits a person making a tender offer for an equity security, as well as such offeror’s dealer-manager, the advisers or affiliates of such offeror or dealer-manager and any person acting, directly or
indirectly, in concert with such persons, from, directly or indirectly, purchasing or arranging to purchase any securities subject to a tender offer, or any securities immediately convertible into, exchangeable for or exercisable for such
securities, except as part of such tender offer. This prohibition applies from the time of public announcement of the tender offer until the tender offer expires.

The SEC granted BBVA relief pursuant to BBVA’s request on May 29, 2024. Such relief permits, subject to certain enumerated conditions
set forth in the relief letter, BBVA, BBVA’s subsidiaries and their respective affiliates and separately identifiable departments (collectively, the “BBVA Prospective Purchasers”) to purchase or arrange to purchase Banco Sabadell
shares, and various derivatives related to such securities (collectively, “Banco Sabadell Securities”) prior to and during the conduct of, but outside of, the exchange offer in the ordinary course of their businesses. Such purchases or
arrangements to purchase may not be carried out for the purpose of promoting or otherwise facilitating the exchange offer or for the purpose of creating actual, or apparent, active trading in, or maintaining, or affecting the prices of the Banco
Sabadell Securities.

The ordinary-course trading activities included within the scope of the SEC’s relief from the provisions
of Rule 14e-5 under the Exchange Act include (1) purchasing and selling Banco Sabadell Securities as part of the BBVA Prospective Purchasers’ ordinary course prime brokerage, portfolio and asset management activities and, except with respect
to Banco Sabadell shares, as principal for their own accounts; (2) principal facilitation and unsolicited brokerage transactions involving purchases of Banco Sabadell Securities to facilitate or in response to customer orders, including clearance
and settlement of these transactions (including buy-ins); (3) creation, trading and