Compass Bancshares, BBVA announce preliminary proration results

By Lisa Kerner

Charlotte, N.C., Sept. 6 - Compass Bancshares, Inc. stockholders are expected to receive 2.8 American Depositary Shares of Banco Bilbao Vizcaya Argentaria, SA or $71.82 in cash per share in Compass' acquisition by BBVA.

Of Compass shareholders who elected to receive cash, the company will pay cash for 60% of the shares and 2.8 BBVA ADSs per share for the remainder.

Holders who did not make an election will receive 2.8 BBVA ADSs per share.

Cash will be issued for fractional BBVA ADSs under the merger agreement.

Compass stockholders approved the transaction at a special meeting held on Aug. 8, according to a news release.

The transaction is expected to be completed on Friday.

As previously reported, BBVA will issue 196 million BBVA shares and will pay $4.6 billion in cash in the transaction.

Compass is a financial holding company based in Birmingham, Ala.

BBVA is a financial group based in Bilbao, Spain.

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