NEW YORK, Jan. 29, 2015 /PRNewswire/ -- The fairness of the proposed acquisition of City National Corporation ("CYN" or the "Company") by Royal Bank of Canada ("RBC") is the subject of an investigation by WeissLaw LLP, a national class action, shareholder rights law firm. The investigation is focusing on possible breaches of fiduciary duty and other violations of law by the Board of Directors of CYN for agreeing to sell the Company to RBC. On January 22, 2015, the Company announced it had reached a definitive agreement for Royal Bank to acquire CYN in a transaction valued at approximately $5.4 billion. Under the terms of the agreement, CYN shareholders will receive $47.2 in cash and 0.7489 of an RBC common share for each CYN share they own. This represents a consideration of $93.80 per share, based on the CYN's January 21, 2015 closing price.
WeissLaw is investigating whether CYN's Board acted to maximize shareholder value prior to entering into the agreement. Notably, prior to the announcement, at least one analyst set a target price of $94.00 per share, without accounting for any takeover premium.
Given these facts, WeissLaw is investigating the Board's decision to sell CYN and whether CYN's shareholders will obtain their fair and proportionate share of the Company's continued success and future growth prospects. If you own CYN shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at [email protected].
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected] or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
Attorney Advertising. Past results do not guarantee a similar outcome.
SOURCE WeissLaw LLP