Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 165

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 165
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 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the number of Banco Sabadell shares tendered and not withdrawn in the exchange offer would not permit BBVA to acquire at least 30% of the voting rights of the Banco Sabadell shares (excluding any treasury shares held by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 or not to tender their Banco Sabadell shares into the exchange offer. In addition, as described elsewhere in this offer to exchange/prospectus, holders of Banco Sabadell shares may withdraw their declarations of acceptance
only prior to the last day of the acceptance period. Consequently, holders of Banco Sabadell shares who have tendered their Banco Sabadell shares into the exchange offer will not have an opportunity to withdraw their declarations of acceptance
following any waiver of the Minimum Acceptance Condition.

Because BBVA would be permitted to waive the Minimum Acceptance Condition when
U.S. holders of Banco Sabadell shares no longer have the withdrawal rights required under U.S. law in the absence of the no-action relief granted by the SEC, U.S. holders of Banco Sabadell shares are cautioned to consider not tendering their Banco
Sabadell shares into the exchange offer if their willingness to tender their Banco Sabadell shares would be affected by such a waiver by BBVA of the Minimum Acceptance Condition.

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Mandatory Tender Offer

If BBVA holds less than a majority (but at least a 30%) interest in Banco Sabadell following completion of the exchange offer as a result of a
waiver of the Minimum Acceptance Condition, pursuant to the Spanish Takeover Regulation, BBVA will be required within one month following completion of the exchange offer to request CNMV authorization to launch a Mandatory Tender Offer. Pursuant to
the Spanish Takeover Regulation, a Mandatory Tender Offer would need to be made at an “equitable price” in cash in accordance with article 9.2.e) of the Spanish Takeover Regulation. Pursuant to the Spanish Takeover Regulation, as an
alternative to cash consideration, BBVA may (but it is not obligated to) also offer shares, or a combination of cash and shares, pursuant to a Mandatory