Morgan Stanley said it signed a letter of intent to sell up to 20% of the company to Mitsubishi UFJ Financial Group Inc. Financial terms of the deal were not disclosed. If the deal is completed, the price would be based on Morgan Stanley's book value after Japan's largest bank completes a due diligence review. The letter of intent signed by both banks is nonbinding.
Follow-up (9/29) ... deal reached
Mitsubishi UFJ is buying 9.9% of Morgan Stanley's common shares at $25.25 apiece, for an estimated total of $3 billion. It also purchased $6 billion of perpetual non-cumulative convertible preferred stock with a 10% dividend and a conversion price of $31.25 a share.
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