RBC to buy City National in $5.4 bln deal

Thu Jan 22, 2015 7:17am EST
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Jan 22 (Reuters) - Royal Bank of Canada said it would buy City National Corp, a U.S. lender serving high net worth clients, in a cash-and-stock deal valued at $5.4 billion.

RBC offered $47.25 in cash and 0.7489 in shares 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. (Reporting by Ashutosh Pandey in Bengaluru; Editing by Saumyadeb Chakrabarty)