Compass Bancshares to hold merger vote on Aug. 8

By Devika Patel

Knoxville, Tenn., July 2 - Compass Bancshares, Inc., invited its shareholders to a special meeting on Aug. 8 at 10 a.m. at the corporate headquarters in Birmingham, Ala., to approve the proposed acquisition of Compass by Banco Bilbao Vizcaya Argentaria, S.A.

If the agreement is adopted, each outstanding share of Compass common stock will be exchanged into the right to receive either 2.8 BBVA American depositary shares or $71.82 in cash, subject to proration.

In total, 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. Banco Bilbao is a financial group based in Madrid.

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