SAN DIEGO--(BUSINESS WIRE)--Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating whether members of the board of directors of City National Corporation (NYSE: CYN) breached their fiduciary duties in connection with the planned merger of the Company with Royal Bank of Canada. City National operates as the bank holding company for City National Bank that provides banking, investment, and trust services to small to mid-sized businesses, entrepreneurs, professionals, and affluent individuals.
On January 22, 2015, City National and Royal Bank announced that they had entered into a definitive merger agreement. Under the terms of the agreement, Royal Bank will pay, approximately $47.25 in cash and 0.7489 of a Royal Bank common share for each share of City National common stock. City National stockholders will be entitled to elect to receive the merger consideration in Royal Bank common shares or cash, subject to certain adjustments and limitations. The merger consideration is currently valued at approximately $93.80 per share; however City National shareholders will be subject to the future volatility and price fluctuation of Royal Bank stock.
The investigation concerns whether City National’s board members failed to satisfy their duties to the Company’s shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for the Company’s shares of common stock.
If you are a City National shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker (email@example.com) by email or by phone at 619-814-4471. If emailing, please include a phone number where you can be reached.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.