An investigation on behalf of investors of Firstbank Corporation (NASDAQ:FBMI) in connection with the proposed takeover was announced and NASDAQ:FBMI stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/27/2013 -- An investigation on behalf of investors, who currently hold shares of Firstbank Corporation (NASDAQ:FBMI) shares, was announced concerning whether the takeover of Firstbank Corporation by Mercantile Bank Corporation for a value of $18.77 per NASDAQ:FBMI share is unfair to Firstbank stockholders.
Investors who purchased shares of the Firstbank Corporation (NASDAQ:FBMI) and currently hold any of those NASDAQ:FBMI shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Firstbank Corporation breached their fiduciary duties owed NASDAQ:FBMI investors in connection with the proposed acquisition.
On August 15, 2013 Mercantile Bank Corporation (Nasdaq:MBWM) and Firstbank Corporation (Nasdaq:FBMI) jointly announced the signing of a merger agreement under which Mercantile Bank Corporation and Firstbank Corporation will merge. In the merger, Firstbank Corporation shareholders will receive a fixed ratio of 1.00 share of Mercantile Bank Corporation (Nasdaq:MBWM) common stock for each share of Firstbank common stock. This implies a transaction value per share of $18.77 or approximately $151.5 million in the aggregate based upon Mercantile's closing price of $18.77 as of August 14, 2013.
However, the investigation concerns whether the $18.77--offer is unfair to NASDAQ:FBMI stockholders. More specifically, the investigation focuses on whether the Firstbank Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Firstbank Corporation reported that its Net Income increased from $2.69 million in 2009 to $10.53 million in 2012. Shares of Firstbank Corporation (NASDAQ:FBMI) grew from $4.00 per share in July 2010 to as high as $13.89 per share in April 2013.
On August 26, 2013, NASDAQ:FBMI shares closed at $18.49 per share.
Those who are current investors in Firstbank Corporation (NASDAQ:FBMI) and purchased their NASDAQ:FBMI shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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