Hudson City Bancorp, Inc. (NASDAQ:HCBK) Investor Files Lawsuit Against Directors Over Alleged Breaches Of Fiduciary Duties In Connection With Merger with M&T Bank

If you purchased shares of the Hudson City Bancorp, Inc. (NASDAQ:HCBK) prior to August 27, 2012, and currently hold any of those NASDAQ:HCBK shares, you have certain options and you should contact the Shareholders Foundation, Inc.

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Company Name(s): 
Hudson City Bancorp
Case Name: 
Hudson City Bancorp Deal Case 08/31/2012
Case Status: 
Lawsuit Filed
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Mergers and Acquisition
Date Filed: 

Sept. 4, 2012 (Shareholders Foundation) -- An investor in shares of Hudson City Bancorp, Inc. (NASDAQ:HCBK) filed a lawsuit against directors of Hudson City Bancorp in effort to stop the proposed merger with M&T Bank Corporation shares at a value of approximately $7.2156 per NASDAQ:HCBK share.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:HCBK investors arising out of the attempt to sell the company too cheaply via an unfair process to M&T Bank Corp.

On August 27, 2012, Hudson City Bancorp, Inc. (NASDAQ:HCBK) and M&T Bank Corporation (NYSE: MTB) announced that they have entered into an agreement under which Hudson City will merge into a subsidiary of M&T Bank Corporation. Under terms of the proposed transaction, each Hudson City Bancorp, Inc share (NASDAQ:HCBK) will receive consideration valued at 0.08403 of an M&T Bank Corporation (NYSE: MTB) share in the form of either M&T stock or cash, based upon the election of each Hudson City shareholder. Based on a closing price of M&T Bank Corporation (NYSE: MTB) shares of $85.87 on August 24, 2012, investors in Hudson City Bancorp, Inc shares will receive a value of approximately $7.2156 per share.

However, the plaintiff claims that the offer is poorly timed and thus unfair to NASDAQ:HCBK stockholders and undervalues the company. In fact, shares of Hudson City Bancorp, Inc. (NASDAQ:HCBK) traded as recently as March 20, 2012, as high as $7.535 per share, thus above the current offer.