Minority shareholders in BNL reject BBVA offer

OK. Now that these shareholders have rejected the BBVA offer for their holdings in BNL, shareholders in these groups need to evaluate whether these shareholdings really are worth more than the amount being offered. If so, fine.

If not, what other causes can their be to reject the offer? Are they positioning for a higher price? Are they uninterested in holding BBVA shares (they could sell them or, even better, they could compare the share price development of BBVA shares with that of BNL shares to see which is best, I know which I would prefer...)? Or is there some politics going on here?

Governance requires that these groups are held to account for their decisions by their shareholders!

OAM

Related links:
Spain's BBVA Bids 6.4 Bln Euros for Italy's BNL
Italian governance under the microscope