Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 169

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 169
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holders who have tendered their Banco Sabadell shares into the exchange offer.

In accordance with Spanish law and practice, the CNMV will
inform (the “CNMV Notification”) BBVA of the number of Banco Sabadell shares tendered in the exchange offer and not withdrawn within five Spanish stock exchange business days following the end of the acceptance period. It is only upon
receipt of the CNMV Notification that BBVA will know the final number of Banco Sabadell shares tendered in the exchange offer and whether the Minimum Acceptance Condition has been satisfied. Pursuant to the Spanish Takeover Regulation, BBVA would be
permitted to waive the Minimum Acceptance Condition through the first Spanish stock exchange business day following the date on which BBVA receives the CNMV Notification.

The SEC granted to BBVA no-action relief with respect to Rule 14d-4(d)(2) under the Exchange Act on September 2, 2025. 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, including the waiver of a material condition, 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 relief granted to BBVA by the SEC 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the number of Banco Sabadell shares tendered and not withdrawn in the exchange offer would not permit BBVA to acquire at least 30% of the voting rights of the Banco Sabadell shares (excluding any treasury shares held by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). See “The Exchange Offer—Relief Requested from the SEC—Tender Offer Rules Exemptive and No-Action Relief”.

As a result of the foregoing, holders of Banco Sabadell shares will not know whether BBVA will waive the Minimum Acceptance Condition at the
time of deciding whether