UBS overplayed its hand with the $1B offer. No way CS shareholders would accept that. CS has some leverage after all - if this is not resolved, its mayhem for the financial sector this week. Appears Swiss gvt may cut the middleman and take a controlling interest in CS, and hopefully pursue a merger with UBS or someone else in much calmer waters.
| +183 | Evercore > Goldman and I don’t think it’s particularly close anymore | 65 | 6h |
| +157 | Article: Why UBS's Asian M&A bankers are thriving and UBS's American M&A bankers are not | 17 | 1d |
| +87 | UBS Offer Day | 30 | 1d |
| +86 | Santander IB? | 10 | 3d |
| +71 | I hate Wells Fargo | 19 | 1d |
| +67 | Think Twice before Recruiting for HOUSTON IB!! | 36 | 1h |
| +51 | No return offer - feeling like a failure is an understatement | 20 | 19h |
| +49 | How cooked am I as an incoming WF IB SA 2027? | 17 | 21h |
| +46 | WF Return offers | 28 | 2d |
| +40 | 2026 Investment Banking Return Offer Climate | 25 | 1d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
Do we know if UBS offer included CS’s investment banking arm?
No we don't. Although it would be fair to assume it did, which would justify the low valuation seeing the IB has taken most of the hammering in terms of bleeding cash. Valuing the Swiss Bank, AM and WM only would have likely yielded a higher valuation which runs counter to offering a low price.
Supposedly a 100% takeover so yes.
i think they'll keep the IBD for a while and once markets/deal flow normalizes, sell it for a premium
Agreed. Nationalizing is a much better option. Buys them time to restructure and spin off CSFB
Idk if spin would still happen in nationalization case; I’d think govt would want to wind down business in a controlled fashion
Nam ea ex velit vitae fugiat est. Odit id qui nobis temporibus occaecati consectetur velit.
Nostrum qui dolorem sunt labore repudiandae laudantium. Nemo ut qui doloribus consequatur dolor tempore eos est. Error rerum cum maxime eligendi repellat expedita est.
Et debitis laboriosam aspernatur incidunt iusto molestiae. Illum fugit earum molestiae earum qui aspernatur.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...