Compass Bancshares shareholders approve acquisition; deal set to close Sept. 7

By Lisa Kerner

Charlotte, N.C., Aug. 8 - Compass Bancshares, Inc. stockholders on Wednesday approved the company's acquisition by Banco Bilbao Vizcaya Argentaria, SA.

Approximately 66% of the Compass shares were voted at the meeting, with 97% voting to approve the transaction, a company news release stated.

The transaction is expected to be completed on Sept. 7.

Under the Feb. 16 merger agreement, Compass stockholders may elect to receive either 2.8 BBVA American Depository Shares or $71.82 in cash per Compass common share, subject to proration.

As previously reported, BBVA will issue 196 million BBVA shares and will pay $4.6 billion in cash in the transaction. Shareholders will have the option to convert any BBVA ADSs received in the transaction into BBVA ordinary shares at no charge during a specified period following completion.

Compass Bancshares is a financial holding company based in Birmingham, Ala. BBVA is a financial group based in Bilbao, Spain.

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