MILWAUKEE, Dec. 9, 2021 /PRNewswire/ -- Ademi LLP is investigating MPB (OTCPink: MPHX), for possible breaches of fiduciary duty and other violations of law in its transaction with Alerus.
Click here to learn how to join the action: https://www.ademilaw.com/case/mpb-bhc-inc or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
Ademi LLP alleges MPB's financial outlook and prospects are excellent and yet MPB shareholders will receive only 0.74 Alerus common shares for each outstanding MPHX share, or approximately 2.58 million Alerus shares in the aggregate. Using a price per share of Alerus common stock of $31.43 as of December 7, 2021, the transaction has an implied purchase price of $23.26 per share, which equates to an aggregate value of $85.3 million, including $4.3 million in consideration for option holders. The merger agreement unreasonably limits competing bids for MPB by prohibiting solicitation of further bids, and imposing a significant penalty if MPB accepts a superior bid. MPB insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of MPB's board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for MPB.
If you own MPB common stock and wish to obtain additional information, please contact Guri Ademi either at [email protected] or toll-free: 866-264-3995, or https://www.ademilaw.com/case/mpb-bhc-inc.
We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights throughout the country. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.
Contacts
Ademi LLP
Guri Ademi
Toll Free: (866) 264-3995
Fax: (414) 482-8001
SOURCE Ademi LLP
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