The forced takeover of Credit Suisse by UBS is giving rise to another dispute. This time the claims are directed at UBS.
Credit Suisse shareholders have filed claims with the Zurich Commercial Court demanding UBS pay more for taking over Credit Suisse than agreed on March 19. Shareholders would like to see the price raised to 7.3 billion Swiss francs ($8.1 billion) from 3 billion francs, as «SonntagsZeitung» (behind paywall, in German) reported over the weekend.
Increasingly Complicated
Shareholders argue that the calculation for Credit Suisse’s price should be based on the last shares’ closing price before the merger was announced. At 1.86 francs, this was two-and-a-half times higher than the 76 centimes UBS is willing to pay per Credit Suisse share as part of the takeover deal.
Credit Suisse's mandatory convertible bonds (AT-1 bonds), which were written down to zero, have already triggered extensive claims, but so far these have been directed primarily against the Swiss Financial Market Supervisory Authority (Finma).
