National City Bank Shareholder Suit
The shareholders of National City Corp. are filing a shareholder suit over the sale of National City Bank to PNC Bank. This National City Bank shareholder suit should be interesting to watch.
The shareholders are oposing the buyout of National City Corp. by PNC Financial Services Group, Inc. PNC has offered to pay $5.6 billion for National CIty Corp.
The central issue in this case is what is the value of National City Corp. The National City shareholders think that $5.6 billion is not enough. In addition to the shareholder suit, there are several other class action lawsuits that have been filed againt National City, its board of directors and PNC Bank.
Another interesting thing about this case will be the politics that surround it. National City Corp. is Ohio’s largest bank. It is has been a central to the business community in Cleveland Ohio. Already Ohio politicians are starting to criticize this buyout. Stay tuned for more on this National City Bank shareholder suit – it will be a wild ride.
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