“In a takeover, the shares normally command a high premium,” lawyer Dimitri Santoro wrote on behalf of his client. Offering shareholders less than the then-current stock price went against all the conventions of takeovers and ignores Credit Suisse’s broader value, he said.
A Credit Suisse AG shareholder is suing UBS Group AG for at least 1.06 million francs ($1.59 million), claiming he was short-changed by the bank’s government-brokered takeover of its stricken rival.
The investor claims UBS was unfairly able to snap up the shares for a bargain 0.76 Swiss francs apiece — far below the closing price of 1.86 Swiss francs on March 17, the last trading day before the deal was agreed.
