How did small Credit Suisse shareholders feel about the exchange ratio?

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Small Credit Suisse Shareholders Felt Undervalued by the UBS Exchange Ratio

Small shareholders in Credit Suisse expressed significant dissatisfaction with the terms of the bank's sale to UBS, specifically regarding the agreed-upon exchange ratio. This ratio, which stipulated one UBS share for every 22.48 Credit Suisse shares, resulted in a valuation of Credit Suisse's equity capital at approximately three billion Swiss francs (US$3.2 billion). This figure was substantially lower than the seven billion francs valuation at the close of trading on the preceding Friday.
Shareholder Valuation Significantly Lower Than Previous Market Value

The exchange ratio ultimately set the equity capital valuation of Credit Suisse at around three billion Swiss francs. This valuation was a consequence of emergency negotiations conducted over a single weekend. It represented a stark contrast to the market valuation of seven billion francs at the close of business on the Friday immediately prior to the announcement.
Significant Share Price Decline Preceded Merger

By the time the merger was agreed upon, Credit Suisse shares had already experienced a dramatic decline in value. The shares had lost 80 per cent of their worth since the beginning of the year. This substantial depreciation contributed to the perception among small shareholders that the final exchange ratio offered inadequate compensation.
Legal Action Initiated to Challenge Merger Terms

The dissatisfaction among former Credit Suisse shareholders has led to legal action. A startup named LegalPass, founded by two Swiss lawyers, announced it had secured sufficient funding and gathered over 350 former shareholders to initiate a class-action lawsuit. This legal challenge aims to seek a more favourable outcome for shareholders in the sale of Credit Suisse to UBS.

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How did small Credit Suisse shareholders feel about the exchange ratio?

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