Investment banking company UBS has agreed to purchase Credit Suisse after the Swiss government mediated the merger between the country’s two largest banks to avoid chaos in the financial markets before Monday.
The announcement came after government officials had been scrambling for several days to figure out how to save the troubled lender Credit Suisse.
Financial Times first broke the news. UBS will pay more than SFr0.50 per share, up from an SFr0.25 offer earlier on Sunday worth around $1 billion that was rejected by the Credit Suisse board. However, the offer price is more than 70 percent lower than Credit Suisse’s Friday closing price of SFr1.86….