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Robbins Umeda LLP Announces Investigation Of Hudson City Bancorp, Inc.


Tuesday, 28 Aug 2012 03:49pm EDT 

Robbins Umeda LLP announced that it has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by members of the board of directors of Hudson City Bancorp, Inc. in connection with their efforts to sell the Company to M&T Bank Corporation. On August 27, 2012, Hudson City and M&T announced that they had entered into a definitive merger agreement under which Hudson City will be acquired by M&T. According to the terms of the deal, M&T will acquire Hudson City through a cash or stock transaction. Hudson City shareholders will have the right to receive 0.08403 shares of M&T for each share of Hudson City they own or the cash equivalent at the time of the closing of the deal. Based on the closing price of M&T stock on August 24, 2012, the cash equivalent would be worth $7.22 per share. The acquisition has already been approved by the boards of directors of both companies. Hudson City has $43.6 billion in assets. Since November 23, 2011 the Hudson City share price has risen from $5.09 to an opening price of $7.37 on August 27, 2012. Given these financial results, Robbins Umeda LLP is examining the board of directors' decision to sell Hudson City now rather than allow shareholders to continue to participate in the company's continued success and future growth prospects. 

Company Quote

9.86
0.1 +1.02%
4:00pm EDT