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Pacific Capital Bancorp Breach of Fiduciary Duty Investigation Concerning Acquisition By UnionBanCal Corp.

Investigation into Breach of Fidicuary Duty Claims concerning the Acquisition Pacific Capital Bancorp by UnionBanCal Corp. announced by National Securities Law Firm Gilman Law LLP

The National Securities Law Firm Gilman Law LLP is investigating potential breach of fiduciary duty claims by current shareholders of Pacific Capital Bancorp (“Pacific Capital”) (NASDAQ: PCBC) against the board of directors of Pacific Capital in connection with the proposed acquisition of the Company to UnionBanCal Corp.  UnionBanCal, part of Japan’s Mitsubishi UFJ Financial Group, Inc., is buying Pacific Capital, a bank holding company, in order to expand its presence in California.  The acquisition is expected to close in the fourth quarter, pending approval of bank regulators. 

On March 9, 2012, Pacific Capital and UnionBanCal entered into a definitive agreement for Pacific Capital to be acquired by UnionBanCal in an all cash transaction with a total equity value of approximately $1.5 billion.  According to the terms of the deal, Pacific shareholders will receive $46.00 for each share of common stock.  Gilman Law is investigating whether $46.00 per share is adequate compensation under the terms of the agreement, whether UnionBanCal is underpaying for Pacific Capital stock, and whether Pacific Capital’s board failed to obtain the highest share price for all shareholders during negotiations.

If you are a current shareholder of Pacific Capital and would like to learn more about the breach of fiduciary duty investigation by the National Securities Law Firm Gilman Law LLP, you may contact our office for a free consultation by calling (239) 221-8401 by completing our free consultation form. 

About the National Securities Law Firm Gilman Law LLP

The leading national securities law attorneys at Gilman Law have over 35 years of experience litigating securities and other class action cases. Our firm has been involved in all major aspects of securities litigation, including cases involving stock manipulation, securities fraud, investment fraud, and shareholder rights violations, as well as securities class action suits on behalf of both individual and institutional investors.