By Lisa Kerner
Charlotte, N.C., Feb. 16 - Banco Bilbao Vizcaya Argentaria, SA entered into a definitive agreement to acquire Compass Bancshares, Inc. in a cash and stock transaction valued at $9.6 billion and slated to close in the second half of 2007.
Under the agreement, Compass Bancshares stockholders can elect to receive either 2.8 Banco Bilbao American depository shares or $71.82 in cash per Compass common share. Depository shares are expected to make up about half of the consideration.
"This transaction compares extremely well to comparable transactions and provides outstanding value for our shareholders," Compass Bancshares chairman and chief executive officer D. Paul Jones, Jr., said in a company news release.
"We expect significant benefits for our customers and clients and look forward to working with BBVA to facilitate the continued growth of Compass, particularly in the Southwestern United States."
Compass Bancshares is a financial holding company based in Birmingham, Ala.
Banco Bilbao is a financial group based in Madrid.
| Acquirer: | Banco Bilbao Vizcaya Argentaria, SA
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| Target: | Compass Bancshares, Inc.
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| Payment per share: | 2.8 Banco Bilbao American depository shares or $71.82 cash
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| Announcement date: | Feb. 16
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| Transaction closing: | Second half of 2007
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| Stock price for acquirer: | NYSE: BBV: $26.23 on Feb. 15
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| Stock price for target: | Nasdaq: CBSS: $66.37 on Feb. 15
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