Friday, December 26, 2008

What does the approval of the sale of National City to PNC mean for shareholders?

Do you own stock in National City Corp. bank? If so, you might be wondering what the approval of the sale to PNC means for you.

Depending on what price you paid for the NCC stock, you might not like the answer to that question.

According to the terms of the deal, holders of National City common stock would get 0.0392 share of PNC common stock for each National City share. Shares of National City preferred stock will automatically be converted into shares of PNC preferred stock with identical terms.

That works out to getting about $1.71 per share of NCC that you have.

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