Below are some additional thoughts on the latest MUFG-UB offer (these comments were originally posted in response to an article published by Reuters; edited for style/formatting). UB’s (UB: 73.25 +11.85%) Special Committee is very opportunistic and knows what it is doing. It has effectively taken its minority stake hostage vis a vis its board representation and a long-standing one at that for the Chief of the Committee. At the end of the day, there is absolutely no “reputation risk” as MUFG (MTU: 7.54 +2.86%) fears. Why? Nobody on Wall Street cares! So, is MUFG overpaying? Of course it is. Is it a good deal — yes, great for UBOC in this market. Will MUFG pay up even further as some Tokyo analysts suggest? Probably not. If so, it is even more concerning why there is such urgency on the part of MUFG. Meantime MUFG shareholders ...

Tercica, Inc. (NASD: TRCA) announced that they have entered into a definitive merger agreement with Ipsen, S.A. (Euronext: IPN). The merger states an affiliate of Ipsen will acquire all of the shares of Tercica common stock that Ipsen doesn’t already own at a price of $9.00 per share in cash, valuing Tercica at approximately $663 million. The transaction still has to be approved by Tercica’s shareholders, who hold a majority of the company’s outstanding common stock, but the board of directors unanimously approved the deal.

As of now, Ipsen and their affiliates own approximately 25.3% of the outstanding Tercica common stock. Ipsen has agreed to exercise their outstanding Tercica warrant and convert their Tercica convertible notes promptly following today’s agreement. Following the conversion, Ispen and their affiliates have agreed to vote their Tercica shares in favor of the merger, as well as a number of

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