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Japanese Bank Bid Suffers Setback
Money Morning (August 14th, 2008) Writes:
By Jennifer Yousfi
Managing Editor
Mitsubishi UFJ Financial Group’s (ADR: MTU) $3 billion bid to obtain California’s UnionBanCal Corp. (UB) suffered a blow yesterday (Thursday) when a shareholder advisory committee determined the offer price was too low.
“The proposed price does not reflect the strength of UnionBanCal’s strong capital position, the superior credit quality of its assets, and its potential for profitable asset and core deposit growth in the current market environment,” Richard Farman, chairman of the special committee said, The Financial Times reported.
Soon after the $3 billion offer was announced, investors bid the share price higher. Shares closed at $65.46, yesterday, over $2 more than Mitsubishi’s offer price.
The $63-a-share offer, “is not in the best interest of UnionBanCal’s minority stockholders,” the bank said in a statement.
UnionBanCal’s majority stakeholder is, of course, Mitsubishi itself. The Japanese ...
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Atlantis Investment Research Corp., Bank, bank of america corp, big banks, bloomberg, Brett Hemsley, California, California's UnionBanCal Corp., Edwin Merner, Financial, financial group, Hsbc, Japan, Japanese Bank Bid, Jennifer Yousfi, Market Commentary, Mitsubishi UFJ Financial Group, MTU, Richard Farman, Stocks to Watch, The Financial Times, Tokyo, Union Bank of California, UnionBanCal, United States, USD, Wells Fargo & Co.
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