National City Corporation's Deal

The board of directors of National City Corporation is going to sell 50 percent of the company's stock to a club group of hedge funds.  The price?  Five Dollars a share.  The trading price of the shares when the deal was announced was $8 a share and this represents an 80 percent drop in share price over the past year.  Shareholders of National City cannot be happy.  At issue is whether the many other potential bidders for the bank would have paid the shareholders more and whether the board declined to protect 1) incumbent managers and 2) local employees.  The corporation is incorporated in Delaware, a state which does not follow the Ohio constituency statute that permits such decisions.  Smells like litigation is in the air.