UBS has agreed to buy Credit Suisse after increasing its offer to more than $2bn, with Swiss authorities poised to change the country's laws to bypass a shareholder vote on the transaction as they rush to finalise a deal before Monday.
UBS will now pay more than SFr0.50 a share in its own stock, up from a bid of SFr0.25 earlier today, but far below Credit Suisse's closing price of SFr1.86 on Friday, the people said.
The Swiss National Bank has agreed to offer a $100bn liquidity line to Credit Suisse as part of the deal, according to two people familiar with the matter.
- Financial Times
