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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.
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