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Tron's Justin Sun Wants To Buy Credit Suisse For $1.5B And Transform It Into 'Crypto-Friendly' Institution

Published 20/03/2023, 03:30
Updated 20/03/2023, 04:40
© Reuters. Tron's Justin Sun Wants To Buy Credit Suisse For $1.5B And Transform It Into 'Crypto-Friendly' Institution

Benzinga - Justin Sun, the founder of the Huobi crypto exchange, made an offer to acquire Credit Suisse AG (NYSE: CS) for $1.5 billion.

What Happened: Sun wrote in a series of tweets on March 19: “I would like to propose my own offer of $1.5 billion to acquire Credit Suisse and integrate it into the Web3.0 world. Switzerland has been one of the most crypto-friendly countries in the world.”

Tron

See More: Top Indian Apps That Give Bitcoin, NFT Rewards

UBS Group (NYSE: UBS), however, has agreed to pay 3 billion Swiss francs ($3.25 billion) in stock to acquire Credit Suisse.

Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares they hold, equating to a purchase price of 0.76 Swiss francs ($0.82) per share, a discount of about 60% from Credit Suisse's closing price on Friday.

It is yet to be seen if Credit Suisse and the Swiss government have given consideration to Sun's offer.

Benzinga did not immediately receive a response from Sun or Credit Suisse for comment on the story.

Price Action: At the time of writing, ETH was trading at $1,717, up 3.43% in the last 24 hours, according to Benzinga Pro.

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Read More: Bitcoin, Ethereum, Dogecoin Rise Amid Tight Labor Market: Analyst Says Cryptoverse Could 'Look More Attractive' Than Equities

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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