UBS Group AG has made an offer to acquire Credit Suisse for as much as $1 billion.
The Swiss government is planning to change the country's laws to bypass the need for a shareholder vote on the deal, as they seek to restore confidence in the banking sector following Credit Suisse's outflow of 10 billion Swiss francs in just one week.
The proposed agreement, which is an all-share deal between Switzerland's two largest banks, is expected to be signed as early as Sunday evening.
The deal is priced at a fraction of Credit Suisse's closing price on Friday.
According to insiders, the offer was made on Sunday morning at a price of 0.25 Swiss francs ($0.27) per share, payable in UBS stock.
On Friday, Credit Suisse's shares closed at $2.01 Swiss francs.
I think we are about to see more bidders and the price go up from $0.27.
Looking forward to read your opinion about it.
The Swiss government is planning to change the country's laws to bypass the need for a shareholder vote on the deal, as they seek to restore confidence in the banking sector following Credit Suisse's outflow of 10 billion Swiss francs in just one week.
The proposed agreement, which is an all-share deal between Switzerland's two largest banks, is expected to be signed as early as Sunday evening.
The deal is priced at a fraction of Credit Suisse's closing price on Friday.
According to insiders, the offer was made on Sunday morning at a price of 0.25 Swiss francs ($0.27) per share, payable in UBS stock.
On Friday, Credit Suisse's shares closed at $2.01 Swiss francs.
I think we are about to see more bidders and the price go up from $0.27.
Looking forward to read your opinion about it.
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