By David Dolan and Yumiko Nishitani 2 hours, 10 minutes ago TOKYO (Reuters) - Mitsubishi UFJ Financial Group (8306.T) has sweetened its bid for full control of California bank UnionBanCal Corp (UB.N) by 17 percent to $3.5 billion, a deal that would help Japan's biggest bank expand in the United States.Mitsubishi UFJ said it had raised its offer to $73.5 per share after a special committee of UnionBanCal's directors dismissed last week's bid of $63 as too low. MUFG is seeking the 35 percent it does not already own in the California lender.
MUFG said in a statement that UnionBanCal's board has agreed to the new terms and would recommend that shareholders accept the offer, although some Tokyo market participants said the bank may need to pay even more.
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