It took Mitsubishi UFJ nearly four months to get UnionBanCal to accept its takeover bid.

That it took so long for Japan’s Mitsubishi UFJ to clinch the deal is at first blush surprising. Mitsubishi UFJ owns 65 percent of UnionBanCal. And UnionBanCal is based in California, the epicenter of the housing market, which has weakened many a bank.

But UnionBanCal had surprising leverage in these negotiations. It has largely sidestepped the credit mess, and the special committee of the bank’s board of directors said last week that other banks’ difficulties were creating opportunities for it.

And amid the credit crunch, Mitsubishi UFJ was reluctant to allow negotiations to drag on too long, for fear it would distract UnionBanCal’s management, the Wall Street Journal reported.

In the end, MUFG placated the board, but it came at a much steeper price than it had initially offered. The deal was reached at $73.50 per share, which is 27 percent higher than the $58 it initially offered in April and 16.7 percent more than last week’s bid of $63 per share. The final bid is also substantially higher than the 52-week-high for the stock before last week’s bid.