WILMINGTON, Del., Jan. 22, 2015 /PRNewswire/ -- Rigrodsky & Long, P.A.:
- Do you own shares of City National Corporation (NYSE: CYN)?
- Did you purchase any of your shares prior to January 22, 2015?
- Do you think the proposed buyout value is too low?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of City National Corporation ("City National" or the "Company") (NYSE: CYN) regarding possible breaches of fiduciary duties and other violations of law related to the Company's entry into an agreement to be acquired by Royal Bank of Canada ("RBC") (NYSE: RY), in a transaction valued at approximately $5.4 billion.
Click here to learn more: http://www.rigrodskylong.com/investigations/city-national-corporation-cyn.
Under the terms of the agreement, shareholders of City National will receive $47.25 in cash and 0.7489 of an RBC common share for each share of City National common stock. Based on RBC's closing stock price on January 21, 2015, City National shareholders would have received consideration valued at approximately $93.80 per share.
The investigation concerns whether City National's board of directors failed to adequately shop the Company and obtain the best possible value for City National's shareholders before entering into an agreement with RBC. According to Yahoo! Finance, at least one analyst has issued a price target for City National's stock at $94.00 per share.
If you own the common stock of City National and purchased your shares before January 22, 2015, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803, by telephone at (888) 969-4242; by e-mail to [email protected], or at: http://www.rigrodskylong.com/investigations/city-national-corporation-cyn.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE Rigrodsky & Long, P.A.