Law Firm Brower Piven Announces Investigation In Connection With The Acquisition Of Pacific Capital Bancorp By UnionBanCal Corp.

The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Pacific Capital Bancorp (“Pacific Capital”) (NASDAQ: PCBC) and other violations of state law by the board of directors of Pacific Capital relating to the proposed acquisition of the company by UnionBanCal Corp. (“UnionBanCal”). The firm’s investigation seeks to determine, among other things, whether the board breached its fiduciary duties by failing to maximize shareholder value.

On March 9, 2012, Pacific Capital and UnionBanCal entered into a definitive agreement providing for UnionBanCal to acquire Pacific Capital for $1.5 billion. Under the terms of the merger agreement, Pacific Capital shareholders will receive $46.00 for each share of Pacific Capital common stock held. According to Bloomberg, the net income multiple for the proposed transaction is lower than the median multiple for comparable transactions. The transaction is expected to be closed in the fourth quarter of 2012.

If you currently own shares of Pacific Capital and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at hoffman@browerpiven.com, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.

Copyright Business Wire 2010

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