BOULDER, Colo., Oct. 24, 2008 (GLOBE NEWSWIRE) -- Advertising Material -- The Shuman Law Firm today announced that it is investigating the proposed acquisition of National City Corporation ("National City" or the "Company") (NYSE:NCC).
On Oct. 24, 2008, National City announced their intent to sell the Company to PNC Financial Services Group, Inc. ("PNC") (NYSE:PNC). Under the terms of the merger agreement, National City shareholders would receive 0.0392 share of PNC common stock for each share of National City stock for a total sale price of approximately $5.2 billion. Based on the October 23, 2008 closing price of PNC stock, the value National City shareholders are to receive is approximately $2.23 per share. National City's common stock closed at $2.75 per share on October 23, 2008 -- meaning the proposed merger calls for National City shareholders to exchange their shares at a 19% discount to the previous day's closing price.
The proposed acquisition is subject to customary conditions by both PNC and National City shareholders and regulatory approvals.
If you currently own National City common stock and would like a free consultation concerning your rights and interests, please contact Kip Shuman, Esq. or Rusty Glenn, Esq. toll-free at 866-974-8626 or email Mr. Shuman at kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative litigation.
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