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.
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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
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