City National CorporationNYSE
Jan. 22, 2015, 7:26 AM
- Royal Bank of Canada (NYSE:RY) agrees to buy Beverly Hills-based City National Corporation (NYSE:CYN) - a private and commercial bank serving high net worth and commercial clients - in a deal valued at about $5.4B, or $93.80 per share. City National owners will receive $47.25 in cash and 0.7489 of a share of RBC for each share of CYN they own.
- RBC CEO Dave McKay: "In line with RBC's strategic goals, we believe this combination creates a powerful expansion platform for focused long-term growth in the country which we view as our second home market."
- Following the deal, RBC will combine its U.S. wealth management operation with City National, and the merged unit will be led by City National CEO Russell Goldsmith.
- The deal is expected to be accretive to EPS in the latter part of year 3 and accretive to earnings in year two.
- Closing is expected in Q4.
- CYN +5.7% premarket to $78.83
Jul. 2, 2012, 8:39 PMCity National Bank (CYN) says it's completed its acquisition of Rochdale Investment Management, and expects the integration of the two firms to be completed early next year. Until then, they will continue to operate under separate Management names. CYN expects the deal to be modestly accretive to earnings in 2012. CYN +1% AH. | Jul. 2, 2012, 8:39 PM