TOKYO: Japan’s second biggest bank, Mitsubishi Tokyo Financial Group (MTFG), formally offered US$29bil for fourth ranked lender UFJ Holdings yesterday, ending months of silence over the terms of its bid to create the world’s biggest banking group.
MTFG’s offer, which counters a rival bid by third ranked Sumitomo Mitsui Financial Group (SMFG), values UFJ at a 3.1% premium to its closing share price yesterday and comes six months after MTFG and UFJ agreed in principle to merge.
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