UBS is offering to buy Credit Suisse for $1 billion in an all-stock deal, according to the Financial Times.

Swiss authorities plan to change the country’s law to bypass a share vote on the transaction as they rush to finalize the deal before Monday, the British newspaper said, citing sources familiar with the matter.

Under Swiss law, UBS would have to give shareholders six weeks to consult on any deal. Three sources told the FT that UBS had hinted that extraordinary measures would be used to circumvent the above obligation.

However, Credit Suisse is trying to withdraw the offer with the support of its largest shareholder. The bank, whose capitalization closed on Friday at 7.4 billion francs ($8 billion), believes the offer is too low and will hurt shareholders and employees, according to sources.

The offer was made on Sunday morning at a price of 0.25 francs a share for each share compared to 1.86 francs which was Friday’s close. . UBS is also insisting that there be a provision to cancel the deal if there is a significant downside move with its CDS spreads rising by 100 basis points or more.

A government-orchestrated deal would address the sharp turmoil Credit Suisse has caused in markets. The credit line offered by Switzerland’s central bank was not enough to stem the swings, as the recovery in stocks proved to be only temporary.

However, negotiations are ongoing and it is not certain that the terms of the deal will remain the same or that the deal will be closed.

Some of the FT’s sources said the current terms were not fair to Credit Suisse and its shareholders, while others criticized plans to overturn corporate governance rules by blocking a vote by UBS shareholders.

Contacts between the two banks are limited and the Swiss central bank and Finma have significantly influenced the terms of the deal, the sources said.

Although this deal values ​​Credit Suisse’s equity capital at $1 billion, the figure does not reflect the additional facilities that the Swiss authorities may offer to rescue the bank.

On Saturday night the Swiss government’s cabinet converged in Bern for a series of presentations by government officials, the central bank, Finma and banking executives. The government is preparing to use emergency measures to speed up the takeover of Credit Suisse by UBS, the sources said.