Rivero's bid would cost him euro 2.12 billion ($2.7 billion) and value the eurozone's largest company at euro 8.14 billion ($10.34 billion). Spanish takeover rules mean Sacresa, if it plans to mount a counter offer, now has to equal or exceed the 26%-share offer that is on the table.
With its current 24.3% stake in the company, the rival would have to end up with a slice of the pie that exceeds 50%. This would automatically trigger a bid for the whole firm.
"I was thinking about leaving the company," Rivero said at a press conference. "I wasn't interested in seeing the dominance of someone from the board who could tell the chairman what to do."
The dispute comes as the firm seeks to lower its business exposure in the residential market and reduce revenue-volatility risks with a higher exposure to rental properties. The bidding battle also takes place after Metrovacesa last year gained control of France's Gecina.
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