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National City (NYSE: NCC) closed at $9.79 Thursday.
The WSJ reported Fith Third Bancorp (NYSE: FITB) is considering a bid to purchase NCC according to people familiar with the situation.
NCC announced on April 1 that its Board of Directors are reviewing a range of strategic alternatives for the company.
FITB has $110 billion in assets. NCC has $150 billion in assets.
NCC May option implied volatility of 110 is above its 26-week average of 58 according to Track Data, suggesting larger price fluctuations.
Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com
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