Mitsubishi UFJ Financial holds 94.2% of UnionBanCal shares following tender offer

By Lisa Kerner

Charlotte, N.C., Sept. 29 - Mitsubishi UFJ Financial Group, Inc. and its wholly owned subsidiary, the Bank of Tokyo-Mitsubishi UFJ, Ltd., said approximately 41,736,256 outstanding shares, or 29.8%, of UnionBanCal Corp. were tendered in Mitsubishi's $73.50-per-share offer ended Sept. 26.

The tendered shares, when added to Mitsubishi and its affiliates' existing 64.4% stake, represents approximately 94.2% of UnionBanCal's total outstanding shares.

An additional 3.8% of UnionBanCal's outstanding shares were guaranteed to be delivered within the next three business days, which will give Mitsubishi a total ownership interest of 98.0%, a Mitsubishi news release said.

Tokyo-based Mitsubishi said it will carry out a second-step merger in which each share of UnionBanCal common stock not previously purchased in the tender offer will be converted into the right to receive $73.50 per share in cash.

The Bank of Tokyo-Mitsubishi UFJ agreed on Aug. 18 to acquire UnionBanCal for $73.50 per share, it was previously reported. UnionBanCal had rejected two earlier offers from Mitsubishi UFJ, one for $63.00 per share and one for $58.00 per share.

UnionBanCal is a San Francisco-based bank holding company.

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