Shareholder Sues Over $3.7B M&T Takeover Of Hudson City

Law360, Wilmington (August 31, 2012, 7:02 PM EDT) -- A Hudson City Bancorp Inc. investor launched a putative class action in Delaware Chancery Court on Friday seeking to stop M&T Bank Corp.'s planned $3.7 billion takeover, claiming the poorly timed deal provides a “windfall” for the buyer but shortchanges shareholders.

Filed by shareholder Howard Lasker, the complaint alleges Hudson City's nine directors, including Chairman and CEO Ronald E. Hermance Jr., breached their fiduciary duty by underselling a company with a strong future.

The proposed deal for the New Jersey-based bank “does not adequately reward shareholders...
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