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City National Announces Preliminary Results of Stockholder Election for Merger Consideration With RBC

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City National Corporation (NYSE: CYN) today announced the preliminary results of the elections made by its common stockholders as to the form of consideration they wish to receive in City National's merger with Royal Bank of Canada (RBC).

As previously announced, the cash and stock elections will be subject to proration and adjustment procedures that are further described in the election materials and the January 22, 2015 merger agreement by and among RBC, City National and RBC USA Holdco Corporation, a direct, wholly owned subsidiary of RBC. Subject to those proration and adjustment procedures, common stockholders of City National had the option to elect to receive for each share of City National common stock (except excluded shares and dissenting shares as set forth in the merger agreement) either cash or RBC common shares, each in an amount as calculated in accordance with the terms of the merger agreement.

Based on available information as of the election deadline of 3:00 p.m., Eastern Time, on October 29, 2015, the exchange agent for the election process advised that the preliminary merger consideration election results were as follows:

Holders of approximately 24,118,398 shares of City National common stock, or

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Posted-In: M&A Offerings Press Releases

 

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