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By doubling bid, UBS gets Credit Suisse and huge government credit line
By Arash Massoudi, Stephen Morris, James Fontanella-Khan,
Laura Noonan, and Owen Walker
Financial Times, London
Sunday, March 19, 2023
UBS has agreed to buy Credit Suisse after increasing its offer to more than $2 billion, with Swiss authorities poised to change the country's laws to bypass a shareholder vote as they rush to announce a deal before Monday.
The all-share deal between Switzerland's two biggest banks is set to be announced 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, three people with direct knowledge of the situation said.
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UBS will now pay more than SFr 0.50 a share in its own stock, up from a bid of SFr 0.25 earlier today worth around $1 billion that was rejected by the Credit Suisse board, the people said.
But the price remains far below Credit Suisse's closing price of SFr 1.86 on Friday.
The Swiss National Bank has agreed to offer a $100 billion liquidity line to UBS as part of the deal, according to two people familiar with the matter. ...
... For the remainder of the report:
https://www.ft.com/content/ec4be743-052a-4381-a923-c2fbd7ea9cfd
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