Recent reports indicate that UBS has submitted a proposal to Credit Suisse, offering a possible takeover of the bank. This acquisition is valued at up to $1 billion. Individuals with first-hand knowledge of the situation have revealed that Swiss regulators are exploring options to evade a shareholder vote. They want to do this to expedite the completion of the transaction before the upcoming Monday deadline.
Read also: Switzerland is considering nationalizing Credit Suisse
As a counter-offer to UBS, Tron founder Justin Sun has done just that constructed a proposal to acquire Credit Suisse for $1.5 billion.
Justin Sun’s proposal is $500 million more than UBS’s
Sun said in a recent tweet that if UBS’ bid for Credit Suisse fails, he would like to propose his own $1.5 billion bid to take over the bank. He emphasized that he wants to integrate the bank into the Web3 world. He also stressed that Switzerland is one of the most cryptocurrency-friendly countries.
“My vision for the future of finance includes 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 well below the closing price of the bank’s shares on Friday. With Switzerland considering nationalizing the bank and Sun’s higher bid, it’s unclear whether UBS’s $1 billion bid will dethrone other bids.