UBS - Credit Suisse said opposed to $1B UBS takeover offer - report

2023-03-19 10:39:03 ET

Credit Suisse ( NYSE: CS ) is pushing back at at $1 billion takeover offer from UBS AG ( NYSE: UBS ) as it argues that the bid is too low.

Credit Suisse ( CS ) believes the offer would hurt shareholders and employees who have deferred stock, according to a Bloomberg report, which cited people familiar.

UBS ( UBS ) offered 0.25 francs a share on Sunday for small Swiss rival Credit Suisse ( CS ). UBS also added a material adverse clause that terminates the transaction of its credit default swaps jump by 100 basis points or more, according to a Financial Times report.

The 167-year-old Credit Suisse ( CS ) is caught in the turmoil spurred by the collapse of U.S. lenders Silicon Valley Bank and Signature Bank over the past week.

Credit Suisse ( CS ) on Thursday borrowed up to 50B francs ($54B) from the Swiss National Bank .

There were multiple reports of interest for Credit Suisse from other rivals. Bloomberg reported that Deutsche Bank ( DB ) was looking at the possibility of buying some of its assets, while U.S. financial giant BlackRock ( BK ) denied a report that it was participating in a rival bid for the bank.

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