PacWest Goes Public With Spurned $212M Bid For First Calif.

Law360, New York (May 9, 2012, 2:13 PM EDT) -- PacWest Bancorp on Tuesday made public its rejected $212 million bid to overtake First California Financial Group Inc., making good on its promise to bring the offer to shareholders if First California leadership refused the terms outright.

The all-stock swap would have provided investors $7.25 in PacWest shares for each of their First California units, representing a 32 percent premium over the closing price on May 3, the day PacWest leveled the private offer.

PacWest said its target, which owns First California Bank, was "cursorily determined...
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