as authorities bid to stave off turmoil when global markets reopen on Monday, March 20, with reports saying UBS has offered to pay up to $1 billion.
Bloomberg News, citing people with knowledge of the matter, said Credit Suisse was resisting the offer of up to $1 billion, believing it to be too low and that it would hurt shareholders and employees who hold deferred stock. If the takeover falls apart, Switzerland is considering taking over the bank in full or holding a significant equity stake, Bloomberg reported.
UBS has also insisted on a “material adverse change” that voids the deal in the event its credit default spreads jump by 100 basis points or more, the report added. It said there was no guarantee that terms will remain the same or that a deal would be reached.sought $6 billion from the Swiss government