Banco Bilbao Cash Option Oversubscribed

Banco Bilbao is acquiring Compass for $9.6 billion in cash and stock. The deal is expected to include about $4.6 billion in cash, with the rest composed of Banco Bilbao stock.

Too many Compass shareholders requested the cash option and thus will receive a mix of cash and stock. The cash and stock allocation will not be determined until final results of the election are determined, after Sept. 5.

The initial cash option called for Compass shareholders to receive $71.82 per share.

Compass shareholders requesting Banco Bilbao stock or who did not respond to the election will receive 2.8 shares of Banco Bilbao for every share of Compass stock.

The deal is still expected to close Sept. 7.

Shares of Banco Bilbao rose 36 cents to $23.04 in morning trading. Shares of Compass fell $2.66, or 4 percent, to $64.59. Compass shares have traded between $55.09 and $70.89 during the past 12 months.