UnionBanCal opposed to Mitsubishi UFJ's $63-per-share tender offer

By Lisa Kerner

Charlotte, N.C., Aug. 13 - UnionBanCal Corp. said its special committee determined that Mitsubishi UFJ Financial Group's planned $63.00-per-share tender offer substantially undervalues UnionBanCal and is not in the best interests of its minority stockholders.

Richard D. Farman, chairman of the special committee, said the proposed price does not reflect UnionBanCal's strong capital position, the credit quality of its assets and its potential for growth, according to a company news release.

Farman added that despite Mitsubishi UFJ's claims, UnionBanCal remains willing to engage in discussions with the company.

The special committee was advised by Credit Suisse Securities (USA) LLC and Skadden, Arps, Slate, Meagher & Flom LLP.

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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