MADRID, May 9 Reuters Spanish bank BBVA on Thursday presented a 12.23 billion euro 13.11 billion hostile takeover offer for rival Sabadell directly to shareholders, even though Sabadell39;s board this week rejected the merger proposal.

BBVA decided to submit the bid as a tender offer directed to shareholders after Sabadell39;s board said on Monday it significantly undervalued its potential and growth prospects, calling the offer unsolicited.

Spain39;s secondbiggest bank by market value said it was offering an exchange ratio of 1 newly issued BBVA share for every 4.83 Sabadell shares, a premium of 30 over April 29 closing prices.

Sabadell was not immediately available for comment.

BBVA aims to create a lender with more than 100 million customers globally and total assets exceeding 1 trillion euros, second only to its rival Santander among Spanish banks.

1 0.9307 euros

Reporting by Jesús Aguado; editing by Aislinn Laing and Christopher Cushing

Source Reuters