According to a press release a law firm is currently investigating the proposed acquisition of National City Corporation (National City or the Company) (NYSE: NCC).

On Oct. 24, 2008, National City announced their intent to sell the Company to PNC Financial Services Group, Inc. (PNC) (NYSE: PNC). According to several press organizations PNC plans to buy National City Corp for about $5.2 to $5.6 Billion in stock after receiving U.S. Treasury funds. National City Corp. stock is traded about $2, while the shares were traded close to $40 in the beginning of last year and with about $ 24 around the same time last year.

Under the terms of the merger agreement, National City shareholders would receive 0.0392 share of PNC common stock for each share of National City stock for a total sale price of approximately $5.2 billion. Based on the October 23, 2008 closing price of PNC stock, the value National City shareholders are to receive is approximately $2.23 per share. National Citys common stock closed at $2.75 per share on October 23, 2008meaning the proposed merger calls for National City shareholders to exchange their shares at a 19% discount to the previous days closing price. In other words PNC offer valued National City at $2.23 a share, roughly 19 percent below the Thursday closing price.

The proposed acquisition is subject to customary conditions by both PNC and National City shareholders and regulatory approvals.
Reportedly National City had more than 1,400 branches in nine states including Ohio, Michigan and Pennsylvania as of June 30. The combined bank would have about 2,750 branches, mostly in the U.S. National City branches will assume the PNC name. The company headquarters will remain in Pittsburgh.