Market Currents

• Monday, October 20, 2008

• 00:05 AM Notable earnings before Monday's open: BPOP, ETN, HAL, HAS, MAT, NVS, UB, WFT Comment!

• Tuesday, August 19, 2008

• 13:09 PM Does Mitsubishi UFJ Financial's (MTU) 35% premium for UnionBanCal (UB) set the standard for Roche's (RHBBY.PK) courtship of Genentech (DNA)? If so, Roche has a long way to go. Comment!

• Monday, August 18, 2008

• 06:57 AM In now-friendly talks with UnionBanCal (UB), Mitsubishi UFJ (MTU) offers to acquire the 35% of UB it doesn't already own for $3.5B ($73.50/share vs. a previous $63 - a 25% premium to pre-bid). UB will recommend shareholders accept the offer. Comment!
• 05:06 AM In discussions with UnionBanCal (UB) late Sunday, Mitsubishi UFJ (MTU) is expected to raise its bid to $73-73.50/share (vs. a previous $63), a 25% premium on where UB's shares were trading before the initial bid. Comment!

• Friday, August 15, 2008

• 07:34 AM UnionBanCal (UB) rejects Mitsubishi UFJ's (MTU) $3B buyout bid. Mitsubishi UFJ might have to raise the offer from $63-a-share to $70 in order to see the deal go through. Comment!

• Thursday, August 14, 2008

• 07:05 AM In addition to its $3B bid for UnionBanCal (UB), Mitsubishi UFJ Financial (MTU) is quietly looking for other acquisitions. MTU could eventually invest several billion dollars in a regional or commercial U.S. lender. Comment!

• Tuesday, August 12, 2008

• 07:07 AM Mitsubishi UFJ (MTU) plans to spend $3B to buy-out minority investors in UnionBanCal (UB). The deal represents an 8.3% premium over UnionBanCal's closing price on Monday. Comment!

• Monday, July 21, 2008

• 08:19 AM UnionBanCal (UB): Q2 EPS of $1.02 beats by $0.10. Revenues of $633M (-3.9%) vs. $681M. Sees Q3 EPS of $1.10-1.20 vs. $1.01. [PR] Comment!
• 00:02 AM Notable earnings before Monday's open: ALB, AME, BAC, CRNT, HAS, PETS, RDCM, RX, RPM, UB, WFT Comment!