Sabadell Rejects BBVA’s Improved $20 Billion Takeover Bid (2)

Banco Sabadell SA’s board rejected BBVA SA’s €17 billion ($20 billion) takeover bid, renewing its criticism despite an improved price.

The lender’s board adopted the decision with all votes except one in favor. Shareholder and board member David Martinez voted against it and instead said he plans to tender his 3.86% stake, according to a statement on Tuesday.

BBVA last week raised the value of its takeover bid by about 10% in a last-ditch effort to push it over the finish line. The acceptance period for Sabadell investors was opened on Sept. 8 and runs until Oct. 10.

Spain’s ...