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Faruqi & Faruqi, LLP Seeking More Cash For Shareholders Of Hudson City Bancorp Inc


Monday, 27 Aug 2012 08:00pm EDT 

Faruqi & Faruqi, LLP, a securities firm headquartered in New York City, is investigating the Board of Directors of Hudson City Bancorp, Inc. for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to M&T Bank Corporation (M&T) in a deal valued at approximately $3.7 billion. Under the terms of the proposed transaction, Hudson City’s stockholders will receive 0.08403 of an M&T share in the form of either M&T stock or cash. The transaction values the proposed consideration at approximately $7.22, while according to Yahoo! Finance, at least one financial analyst has set a price target of $7.50 for Hudson City. Whether Hudson City’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether the proposed transaction undervalues Hudson City’s shares and by how much this proposed transaction undervalues the Company to the detriment of Hudson City’s shareholders are the key focus of this investigation. 

Company Quote

9.62
-0.04 -0.41%
11 Jul 2014