TOKYO —

Mitsubishi UFJ Financial Group Inc. said Thursday it is prepared to hold talks with a special committee of UnionBanCal Corp. over its proposed tender offer for the San Francisco-based bank holding company.

The Japanese megabank issued the comment after the special committee reviewing the takeover bid expressed its intention to reject the tender offer, saying the proposed acquisition price of 63 dollars per share “substantial undervalues” UnionBanCal.

Whether the Japanese bank will accept the U.S. bank’s effective demand for a hike in the acquisition price remains to be seen.

Bank of Tokyo-Mitsubishi UFJ, the core unit of Mitsubishi UFJ, now owns 65.4 pct of UnionBanCal.

JCN

2 Comments

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  LIBERTAS at 03:50 PM JST - 18th August

  Seatbelts and helmets people! This looks like it could be a nasty hostile, but effective, take-over!

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  TheNewZen at 03:54 PM JST - 18th August

  I don't think it will get hostile. Atleast not from what I get from my contacts there who have been my clients for 10+yrs.

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