UBS Proposes Acquisition of Credit S for 0.25 UBS Shares Per Share, FT Reports.

UBS Group has proposed to buy Credit Suisse Group for up to $1 billion. British newspaper Financial Times (FT) reported on the 19th as information of four people who know the situation directly.

Swiss authorities, who are rushing to close the deal by Friday, are planning changes to the law to avoid having to go through a shareholder vote, it said.

The offer, which was discussed in the morning of Wednesday, will be paid in UBS shares at the equivalent of 0.25 Swiss francs for each Credit Suisse share, the people said. UBS also insisted on a “MAC clause” that voids trades if credit default swap (CDS) spreads jump by more than 100 basis points (bp = 0.01%), the people said.

Related article

news-rsf-original-reference paywall">Original title:UBS Offers to Buy Credit Suisse at CHF0.25/Shr in UBS Stock: FT(excerpt)

(Add and update information)