UBS makes a purchase offer for Credit Suisse for about 1,000 million dollars

the swiss bank UBS has submitted its purchase offer for its rival, Swiss credit, valued at 1,000 million dollars (932 million euros). Swiss authorities plan to change the country’s laws to circumvent a shareholder vote on the transaction as they rush to finalize a deal before Monday. The offer presented a few hours ago contemplates the payment of 0.25 Swiss francs per share, lower than the 1.86 Swiss francs at which the entity’s titles closed last Friday. UBS has also insisted on a material adverse change that voids the deal if its credit default spreads rise 100 basis points or more, the Financial Times reports.