(FMBI Alert) Johnson Fistel Investigates Proposed Sale of First Midwest; Are Shareholders Getting a Fair Deal?

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Jun 01, 2021, 11:22 ET

SAN DIEGO, June 1, 2021 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of First Midwest Bancorp, Inc. (NASDAQ: FMBI) ("First Midwest" or the "Company") breached their fiduciary duties in connection with the proposed sale of the Company to Old National Bancorp ("Old National") (NASDAQ: ONB).

On June 1, 2021, First Midwest announced that it had entered into a definitive merger agreement with Old National. Under the terms of the agreement, First Midwest shareholders will receive 1.1336 shares of Old National common stock for each share of First Midwest common stock owned. The exchange ratio, based on Old National's closing price on May 28, 2021, represents a total consideration of approximately $21.60 per First Midwest share.

First Midwest shareholders will be subject to the future price fluctuation of Old National's stock price.

The investigation concerns whether the First Midwest board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for First Midwest shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given one Wall Street analyst has a $24.00 price target on the stock. The 52-week high for First Midwest was $24.28.

If you are a shareholder of First Midwest and believe the proposed buyout price is too low or you're interested in learning more about the investigation, please contact lead analyst Jim Baker ([email protected]) at 619-814-4471. If emailing, please include a phone number.

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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.

Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
[email protected]

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SOURCE Johnson Fistel, LLP