As reported by financial times struggling Credit Suisse Group AG has received a buyout offer from Switzerland based private bank UBS Group AG. Earlier CoinGape published confirmation of a merger between Credit Suisse and UBS. But, UBS has insisted a material adverse change all shares deal and it is yet to be seen whether Credit Suisse will agree to this offer or not?
UBS Group AG Offers $1 Billion To Struggling Credit Suisse Group AG
UBS is largest private bank in the world and Credit Suisse-UBS merger is seen by bankers as only way to save Credit Suisse and its customers. Credit Suisse stock price fell by more than 30% in last month over the fears of a bank run. At the time of reporting Credit Suisse shared were trading at $2.01 in US.
Two US based banks Silicon Valley Bank (NASDAQ: SIVB) and First Republic (FRC) already failed and US Fed decided not to bailout the banks but save the customers. SVB recently filed for a chapter 11 bankruptcy.
Will Credit Suisse Accept UBS Offer?
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Though UBS offer is on the table but we are yet to hear from Credit Suisse officials. The specifics of the deal include UBS purchasing Credit Suisse at 0.25 Francs a share in UBS stocks. As reported by Bloomberg quote,
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Also, it has to be noted that it’s an all shares deal and Switzerland officials are bypassing shareholders vote to make this deal happen. The fall of credit Suisse is being seen as a very big shock to global markets and this merger is supposed to be the last hope. Credit Suisse officials are yet to make any statement but we may hear a final decision before markets open on Monday.
