UBS Group AG UBS offered for sale Credit Suisse Group AG CS for up to $1 billion, after to the Financial Times.

Sources told the publication that UBS’s offer was announced on Sunday morning at a price of CHF 0.25 per share in UBS shares. The deal would cost a fraction of Credit Suisse’s closing price on Friday.

However, Credit Suisse believes the offer is too low and would hurt shareholders and employees who have deferred shares, Bloomberg said reportedciting people familiar with the matter.

UBS has also reportedly insisted on a material adverse change that would render the deal obsolete if its credit spreads widen by 100 basis points or more.

The Financial Times reported that there had been limited contact between the two banks and that the terms had been heavily influenced by the Swiss National Bank and regulator Finma. Also, as the situation has evolved very quickly, there is no guarantee that an agreement will be reached or that the terms will remain the same.

Pending approval of the bid, the Swiss government would reportedly change the country’s laws to avoid a shareholder vote on the transaction. In this scenario, the government would take immediate action to allow the takeover, introducing legislation that would skip the usual six-week consultation period for UBS shareholders.

The planned all-share deal between the two banks could be signed as early as Sunday evening.

UBS has a market value of $56.6 billion. Credit Suisse shares, on the other hand, closed at $8 billion on Friday.

Formerly Bloomberg reported that UBS executives had rejected an arranged merger with Credit Suisse because they wanted to focus on UBS’s wealth-oriented strategy. They were also reluctant to take risks related to Credit Suisse.

Credit Suisse had previously asked for support Swiss National Bank after losing nearly 30% of its stock value.

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