COMMENT: This story is changing by the hour so information here may quickly change.
Here is a key concept. To make the deal work, from the article: "UBS shareholders - who will not be consulted on the deal which will circumvent normal corporate governance rules by preventing a UBS shareholder vote - are angry."
So, the shareholders of the company buying Credit Suisse do not even have a say in this. They changed the rules.
Also of note: "In addition, and based on the Federal Council’s Emergency Ordinance, Credit Suisse and UBS can obtain a liquidity assistance loan with privileged creditor status in bankruptcy for a total amount of up to CHF 100 billion."
So, you buy a company for $3.2 billion, but need access to $100 billion loans. Something is not right.