UnionBanCal considers Mitsubishi UFJ Financial's proposed $63-per-share tender offer

By Lisa Kerner

Charlotte, N.C., Aug. 12 - UnionBanCal Corp.'s special committee asked the company's shareholders to refrain from any action as it considers Mitsubishi UFJ Financial Group, Inc.'s proposed tender offer for all of the shares of UnionBanCal common stock.

Mitsubishi UFJ, through its wholly owned subsidiary the Bank of Tokyo-Mitsubishi UFJ, Ltd., plans to begin a $63.00-per-share offer for UnionBanCal. It will file offering materials with the Securities and Exchange Commission around Aug. 18, according to a UnionBanCal news release.

In June, UnionBanCal's special committee rejected Mitsubishi UFJ's proposed offer of $58.00 per share for the company's stock.

UnionBanCal is a San Francisco-based bank holding company.

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