Credit Suisse's acquisition by UBS could come into force as early as next Monday.
UBS said it expects to complete its formal acquisition of Credit Suisse as soon as June 12, subject to the registration statement being declared effective by the Securities and Exchange Commission (SEC) and to the satisfaction, or waiver by UBS of remaining closing conditions, according to a statement from UBS on Monday.
Upon the deal's completion, shares of Credit Suisse and its American Depository Shares (ADS) will be delisted from the SIX Swiss Exchange and the New York Stock Exchange (NYSE). In return, the shareholders will receive one UBS share for every 22.48 outstanding Credit Suisse shares. According to the statement, the exchange of the ADS might be subject to certain fees.
Credit Suisse will be merged into UBS Group which will assume all of Credit Suisse Group's assets and liabilities. The obligations under its outstanding debt securities will become UBS obligations.
Delisting From SIX Exchange
SIX Exchange Regulation approved a corresponding application by UBS to delist all Credit Suisse shares on June 2, according to a separate announcement by the exchange regulator.
The delisting will take place June 13 at the earliest, and the last trading day on the SIX Swiss Exchange will be no earlier than June 12. The last trading day will be announced through an official notice no later than the last trading day before the opening of trading.
