A group of former Credit Suisse shareholders, represented by Swiss proxy adviser Ethos Foundation, has backed a class-action lawsuit seeking a better price from UBS for its takeover of Credit Suisse.
The legal action is aimed at challenging the exchange ratio set in the context of the acquisition of Credit Suisse by UBS, and under Swiss mergers act, shareholders are entitled to claim "adequate compensation" for their shares.
The deal, which was sealed last month, offered Credit Suisse shareholders one UBS share for 22.48 Credit Suisse shares, valuing the bank at 3 billion Swiss francs ($3.35 billion). Ethos has previously raised concerns about the acquisition, particularly that the deal was forced through without consulting shareholders.
