Actually with a couple of promised special dividends it works out to be very close to what the market has priced it at. I think 102 or something like that, but regardless of the figure it seems very low to me I don't understand why it was agreed to.
Because BBVA is desperate for cash and needing it quickly, that would be the obvious reason.
Clearly if this low offer had been made without BBVA's pre arranged deal the rest of the shareholders would have surely voted against it, based on the earlier AFP Cuprum takeover by Principal. BBVA probably couldn't take the risk of a protracted process in hopes of a better deal for whatever reason.