Recent reports indicate that UBS has presented a proposal to Credit Suisse, offering a potential acquisition of the bank. This acquisition is for a sum of up to $1 billion. Individuals with firsthand knowledge of the situation have disclosed that Swiss regulators are exploring options to dodge a shareholder vote. They want to do this to expedite the completion of the transaction prior to the upcoming Monday deadline.
Also read: Switzerland Considers Nationalizing Credit Suisse
As a counteroffer to UBS, Tron founder Justin Sun has laid out a proposal to acquire Credit Suisse for $1.5 billion.
Justin Sun’s proposal is $500 million more than that of UBS
Sun mentioned in a recent tweet that in case UBS’s bid for Credit Suisse falls short, he would like to propose his own offer of $1.5 billion to acquire the bank. He stressed that he wants to integrate the bank into the Web3 world. He also highlighted that Switzerland is one of the most cryptocurrency-friendly countries.
“My vision for the future of finance involves embracing the potential of blockchain technology and cryptocurrencies. By integrating Credit Suisse into a crypto-friendly financial institution, we can pave the way for a more innovative and decentralized financial system.
UBS’s offer for Credit Suisse is way below the closing price of the bank’s stock on Friday. With Switzerland considering nationalizing the bank and the higher bid by Sun, it is unclear whether the $1 billion bid by UBS will dethrone other bids.