ZURICH, July 4 (Reuters) - A Swiss proxy adviser representing some former Credit Suisse shareholders has backed a class-action lawsuit seeking a better price from UBS (UBSG.S) for its takeover of its cross-town rival, it said on Tuesday.
Under the deal, sealed last month, Credit Suisse shareholders were offered one UBS share for 22.48 Credit Suisse shares, valuing the stricken bank at 3 billion Swiss francs ($3.35 billion).
Just 48 hours before deal was struck, Credit Suisse was worth 7 billion francs, Ethos said.
If successful, all Credit Suisse shareholders would benefit from the new exchange ratio, it said.
Ethos has previously raised concerns about how the acquisition of Credit Suisse by UBS was carried out, particularly that the deal was forced through without consulting shareholders.
Persons:
Vincent Kaufmann, LegalPass, FINMA, Kaufmann, Alexandre Osti, John Revill, Conor Humphries
Organizations:
Credit Suisse, UBS, Ethos Foundation, Credit, Suisse, Thomson
Locations:
ZURICH, Swiss, Lausanne, Zurich, LegalPass