MADRID, May 9 (Reuters) - Spanish bank BBVA on Thursday presented a 12.23 billion euro ($13.11 billion) hostile takeover offer for rival Sabadell directly to shareholders, even though Sabadell's board this week rejected the merger proposal.
BBVA decided to submit the bid as a tender offer directed to shareholders after Sabadell's board said on Monday it significantly undervalued its potential and growth prospects, calling the offer unsolicited.
Spain's second-biggest bank by market value said it was offering an exchange ratio of 1 newly issued BBVA share for every 4.83 Sabadell shares, a premium of 30% over April 29 closing prices.
Sabadell was not immediately available for comment.
BBVA aims to create a lender with more than 100 million customers globally and total assets exceeding 1 trillion euros, second only to its rival Santander among Spanish banks.
($1 = 0.9307 euros)
Reporting by Jesús Aguado; editing by Aislinn Laing and Christopher Cushing
Source: Reuters