425 ·Filed Apr 23, 2026

BCDRF

Banco Santander, S.A.
NEUTRAL
Impact 5/10
Horizondays Processed5mo ago SEC0000950103-26-006080
Rule 425 M&A communications
Actionable Insight • Neutral

Monitor the outcome of Webster Financial's shareholder vote on May 26, 2026, as it will determine whether the acquisition proceeds and whether Banco Santander resumes its buyback program as planned. The temporary suspension is procedural and does not reflect financial weakness.

DirectionNeutral
Confidencehigh
Horizondays
Final — all horizons settled through T+60d ⚠ clustered
BCDRF ▲ +9.63% at T+60d
NEUTRAL call ✓ call won +9.63% · α vs SPY +4.61% · entry $11.90 → $13.05
Entry anchored
Apr 23, 2026
via day open
T+1d
+2.58%
call +2.58% · α +1.79%
$12.21
settled 5mo ago
T+5d
+0.81%
call +0.81% · α -0.67%
$12.00
settled 5mo ago
T+20d
-2.63%
call -2.63% · α -7.27%
$11.59
settled 4mo ago
T+60d
+9.63%
call +9.63% · α +4.61%
$13.05
settled 2mo ago

Price Chart

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Executive Summary

Banco Santander temporarily suspended its share buyback program from April 24 to May 26, 2026, due to the upcoming shareholder vote on its acquisition of Webster Financial Corporation. The buyback program is expected to resume on May 27, 2026, and run through August 20, 2026.

Key Financial Metrics

Deal Type
acquisition

Key Facts

  • Banco Santander suspended its share buyback program in accordance with U.S. regulations due to the pending shareholder vote on the Webster Financial acquisition.
  • The suspension period is from April 24, 2026, to May 26, 2026, inclusive.
  • The buyback program is expected to resume on May 27, 2026, and run through August 20, 2026.
  • This filing is part of ongoing M&A communications related to the Webster acquisition.

Financial Impact

Temporary pause in capital return via buybacks for approximately one month; no change to overall capital allocation strategy.

buybackscapital allocationshareholder returns

Risk Factors

  • Delay or failure of the Webster acquisition could extend or cancel the buyback resumption.
  • Regulatory or shareholder approval risks for the acquisition remain outstanding.

Market Snapshot

Exchange
OTC
Sector
Commercial Banks, NEC
Analyst Consensus
76% bullish (29 analysts)

Investment Themes

Traditional Finance

Documents Analyzed

This report is based on 4 SEC documents filed with EDGAR.

DocumentAccession Number
425 Filing (Primary)0000950103-26-006080
Document: 0000950103-26-006080-index-headers.html0000950103-26-006080
Document: 0000950103-26-006080-index.html0000950103-26-006080
Document: 0000950103-26-006080.txt0000950103-26-006080
11 reports for BCDRF
Performance horizon

Track record builds as more directional reports settle.

Filters
Rows
Reports for BCDRF — sortable, filterable
TypeNow
Jun 10, 2026
16w ago
6-K
NEUTRAL ★ 4/10
$12.46 $14.68▲ +17.82%▲ +10.96%$12.59 (+1.04%)
Jun 4, 2026
17w ago
6-K
NEUTRAL ★ 4/10
$12.08 $14.32▲ +18.54%▲ +16.66%$12.59 (+4.22%)
Jun 3, 2026
17w ago
6-K
NEUTRAL ★ 4/10
$11.99 $14.43▲ +20.35%▲ +17.85%$12.59 (+5.00%)
May 28, 2026
18w ago
424B5
NEUTRAL ★ 4/10
$11.95 $13.96▲ +16.82%▲ +15.09%$12.59 (+5.36%)
May 27, 2026
18w ago
424B5 / 6-K
NEUTRAL ★ 4/10
$12.64 $14.14▲ +11.87%▲ +9.99%$12.59 (−0.40%)
May 27, 2026
18w ago
6-K
NEUTRAL ★ 5/10
$12.64 $14.14▲ +11.87%▲ +9.99%$12.59 (−0.40%)
Apr 23, 2026
23w ago
425
NEUTRAL ★ 5/10
$11.90 $13.05▲ +9.63%▲ +4.61%$12.59 (+5.77%)
Apr 23, 2026
23w ago
EFFECT / 6-K
MIXED ★ 7/10
$11.90 $13.05▲ +9.63%▲ +4.61%$12.59 (+5.77%)
Apr 8, 2026
25w ago
424B5
NEUTRAL ★ 4/10
$11.85 $14.63▲ +23.42%▲ +12.96%$12.59 (+6.21%)
Apr 8, 2026
25w ago
6-K
NEUTRAL ★ 4/10
$11.85 $14.63▲ +23.42%▲ +12.96%$12.59 (+6.21%)
Showing 10 of 11

US Market Status

Market Closed — Opens Mon (38h 18m)

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