Royal Bank of Canada said it would purchase City National Corp, a U.S. lender serving high net worth clients, in a $5.4 billion deal to expand in the United States.RBC, Canada's largest bank by market value, offered $47.25 in cash and 0.7489 in stock for each City National share.The total offer of $93.80 per share, based on RBC's closing price of $62.16 on the New York Stock Exchange on Wednesday, represents a premium of nearly 26 percent to City National's last closing price.There have been few large banking deals in the United States since the financial crisis as regulators have stepped up scrutiny of capital levels of acquiring banks.
City National Corporation (the Corporation) is a bank holding company and a financial holding company. Shares of CYN fell by 0.09% or $-0.07/share to $74.57. In the past year, the shares have traded as low as $67.35 and as high as $82.34. On average, 238755 shares of CYN exchange hands on a given day and today's volume is recorded at 257896.
Royal Bank of Canada, is a Canada-based banking company. Shares of RY fell by 0.16% or $-0.1/share to $61.54. In the past year, the shares have traded as low as $61.00 and as high as $76.08. On average, 777608 shares of RY exchange hands on a given day and today's volume is recorded at 1694613.
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