An investigation on behalf of investors of MutualFirst Financial, Inc. (NASDAQ: MFSF) in connection with the proposed takeover was announced.
San Diego, CA -- (SBWIRE) -- 11/12/2019 -- An investigation was announced concerning whether the takeover of MutualFirst Financial, Inc. is unfair to NASDAQ: MFSF stockholders.
Investors who purchased shares of MutualFirst Financial, Inc. (NASDAQ: MFSF) and currently hold any of those NASDAQ: MFSF shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of MutualFirst Financial, Inc. breached their fiduciary duties owed to NASDAQ: MFSF investors in connection with the proposed acquisition.
Muncie, IN based MutualFirst Financial, Inc. operates as the bank holding company for MutualBank that provides various financial services in the United States.
On October 29, 2019, Northwest Bancshares, Inc., (NASDAQ: NWBI) and MutualFirst Financial, Inc., ("MutualFirst") (NASDAQ: MFSF) announced the signing of a merger agreement pursuant to which Northwest will acquire MutualFirst, the Muncie, Indiana-based holding company and parent of MutualBank, in an all-stock transaction valued at $39.89 per share (based on Northwest's 15-day volume weighted average closing stock price ending on October 23, 2019), or approximately $346 million in the aggregate.
However, given that all of the directors and certain executive officers of MutualFirst Financial, Inc have already entered into voting agreements with Northwest Bancshares, Inc pursuant to which they have agreed to vote their shares in favor of the transaction, the investigation concerns whether the offer is unfair to MutualFirst Financial, Inc. (NASDAQ: MFSF stockholders. More specifically, the investigation concerns whether the MutualFirst Financial, Inc. (NASDAQ: MFSF 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.
MutualFirst Financial, Inc. reported that its annual Total Tevenue rose from $64.65 million in 2017 to $80.38 million in 2018 and that its Net Income increased from $12.31 million in 2017 to $18.86 million in 2018.
Those who are current investors in MutualFirst Financial, Inc. (NASDAQ: MFSF) shares have certain options and should contact the Shareholders Foundation.
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