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$58 a share — no! $63 a share — no! $73 a share — oh, sure, might as well, especially in this market. Hats off to Mr. Farman and company for helping the little guys at Union Bank (UB) get paid. Still scratching your head about what Mitsubishi UFJ (MTU) is thinking? Keep scratching.

For more background see both the Financial Times exerpt below and last week’s “Mitsubishi UFJ Overpaying for UnionBanCal.” As stated then, this is a “safe” acquisition but one that is even more dubitable in terms of shareholder value. Shikataganai (MUFJ shareholders just sigh and shrug their shoulders).

MUFG clinches US bank with higher offer

The deal, which values UNBC at 2.3 times book value, is considered relatively expensive by analysts.

However, MUFG has a track record managing UNBC and knows the San Francisco bank well, making the acquisition a relatively safe bet, according to one analyst.

“The Special Committee of independent directors is very pleased to have negotiated a transaction with BTMU that we believe is highly attractive and in the best interests of the minority shareholders,” Richard Farman, chairman of the special committee, said.

Full Disclosure: No position in any companies mentioned - gladly with regards to MTU and unfortunately in the case of UB.

Source: Mitsubishi UFJ Now Really Overpaying for UnionBanCal