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UBS offers to buy Credit Suisse for a pittance, nearly wiping out shareholders
By Arash Massoudi, Stephen Morris, James Fontanella-Khan,
Laura Noonan and Owen Walker
Financial Times, London
Sunday, March 19, 2023
UBS has offered to buy Credit Suisse for up to $1bn, with Swiss authorities planning to change the country's laws to bypass a shareholder vote on the transaction as they rush to finalise a deal before Monday.
The all-share deal between Switzerland's two biggest banks is set to be signed as soon as this evening and will be priced at a fraction of Credit Suisse's closing price on Friday, all but wiping out the target's shareholders, four people with direct knowledge of the situation said.
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The offer was communicated this morning with a price of SFr 0.25 a share to be paid in UBS stock, far below Credit Suisse's closing price of SFr 1.86 Friday, the people said. UBS has also insisted on a material adverse change that voids the deal if its credit default spreads jump by 100 basis points or more, they added. ...
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