City National Corp. has adopted a stockholder rights plan that would to make it much more expensive for rivals to make a hostile takeover.

The plan provides one right for each common share held. If an investor accumulates 10% of outstanding shares, each right could be exercised to purchase common shares worth double the exercise price, or $90 initially.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.