NEW YORK, Oct. 24, 2008 (GLOBE NEWSWIRE) -- Levi & Korsinsky ("L&K") is investigating breaches of fiduciary duty and other violations of state law by the Board of Directors of National City Corp. ("National City" or the "Company") (NYSE:NCC) arising out of their attempt to sell the Company to PNC Financial Services Group, Inc. ("PNC"). Under the terms of the agreement, National City shareholders will be entitled to 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. The price is unfair given that the Company's share closed at $2.75 on October 23, 2008 and the Company has more than $3.99 per share in cash. The proposed acquisition is subject to customary conditions and regulatory approvals.
If you own common stock in National City and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/ncc.html
Levi & Korsinsky has experience in prosecuting investor securities litigation and an extensive practice in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.