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Union Bank rejects bid by Mitsubishi

August 14, 2008|From Times Wire Services

UnionBanCal Corp. said Mitsubishi UFJ Financial Group Inc.'s $3-billion bid to buy the lender "substantially undervalues UnionBanCal."

The $63-a-share offer "is not in the best interest of UnionBanCal's minority stockholders," the San Francisco-based bank said.

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