UBS Group doubles offer and acquires Credit Suisse for $2B

UBS Group doubles offer and acquires Credit Suisse for $2B

Swiss authorities agreed to change the country’s regulations to bypass a shareholder vote and announce the deal over the weekend.

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UBS Group doubled its initial offer and agreed to buy its competitor Credit Suisse for nearly $2 billion on March 19, in a historical deal for the two biggest banks in Switzerland, the Financial Times reported.

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UBS previously put a $1 billion offer on the table on March 18, but the deal was rejected by the Credit Suisse board, FT sources said. The $1 billion offer was a considerable discount under the bank’s market value on March 17 of nearly $8 billion, according to data from Companies Market Cap.

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