Shareholders Foundation, Inc.

Hudson City Bancorp, Inc. (NASDAQ:HCBK) Investor Files Lawsuit to Stop Merger With M&T Bank

A lawsuit was filed by an investor in shares of Hudson City Bancorp, Inc. (NASDAQ:HCBK) in effort to block the proposed merger with M&T Bank Corporation and other current NASDAQ:HCBK stockholders should contact the Shareholders Foundation.

 

San Diego, CA -- (ReleaseWire) -- 09/04/2012 -- 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.

Investors who purchased shares of the Hudson City Bancorp, Inc. (NASDAQ:HCBK) prior to August 27, 2012, and currently hold any of those NASDAQ:HCBK shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

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.

Those who are current investors in Hudson City Bancorp, Inc. (NASDAQ:HCBK) and purchased their Hudson City Bancorp, Inc. shares prior to the announcement, have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com