Sabadell Rejects BBVA’s Improved $20 Billion Takeover Bid

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.