Mitsubishi UFJ Financial Group acquires UnionBanCal for $73.50 per share

By Lisa Kerner

Charlotte, N.C., Nov. 4 - UnionBanCal Corp. is now a wholly owned indirect subsidiary of Mitsubishi UFJ Financial Group, Inc., it was announced on Tuesday.

The Bank of Tokyo-Mitsubishi UFJ, Ltd., a subsidiary of Tokyo-based Mitsubishi, completed a successful cash tender offer for UnionBanCal's shares followed by a second-step merger, according to a Mitsubishi news release.

All outstanding shares of UnionBanCal common stock not previously purchased and accepted for payment in the tender offer were converted into the right to receive $73.50 per share in cash, Mitsubishi said.

UnionBanCal's common stock is being delisted and will cease to trade on the New York Stock Exchange.

Mitsubishi agreed in August to acquire UnionBanCal for $73.50 per share, or approximately $3.5 billion, it was previously reported.

UnionBanCal is a San Francisco-based bank holding company.

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