02:18 PM EDT, 05/06/2024 (MT Newswires) -- (Updates with BBVA didn't immediately respond to a request for comment in third paragraph.)

Banco Sabadell said Monday its board rejected Bilbao Vizcaya Argentaria's (BBVA) merger offer.

"The board believes that the proposal significantly undervalues the potential of Banco Sabadell and its standalone growth prospects," Banco Sabadell said in a statement.

BBVA didn't immediately respond to a request for comment by MT Newswires.

BBVA said last week it offered an exchange ratio of 1 newly issued BBVA share for every 4.83 Sabadell shares, representing a 30% premium over the closing prices on April 29.

Price: 10.84, Change: +0.25, Percent Change: +2.31