UBS agrees to buy Credit Suisse for more than $2bn, reports Financial Times
UBS has agreed to buy Credit Suisse after increasing its offer to more than $2 billion, the Financial Times reported on Sunday.
UBS will pay more than 0.50 francs ($0.5401) a share in its own stock, far below Credit Suisse’s closing price of 1.86 francs on Friday, FT reported, citing sources.
The Swiss National Bank has agreed to offer a $100 billion liquidity line to Credit Suisse as part of the deal, the FT added, citing two people familiar with the matter.
According to the report, UBS has agreed to a softening of a material adverse change clause that would void the deal if its credit default spreads jump.
Credit Suisse and UBS declined to comment.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Health News Click Here
For the latest news and updates, follow us on Google News.