On or around 07/12/2019 (Ongoing date of last review)
Filing Date: January 09, 2019
This action stems from a proposed transaction (the “Proposed Transaction” or “Merger”) announced on October 10, 2018, pursuant to which MBT Financial Corporation (“MBT” or the “Company”) will be acquired by First Merchants Corporation.
On October 9, 2018, the Company’s Board of Directors caused the Company to enter into an Agreement and Plan of Reorganization and Merger (the “Merger Agreement”) with First Merchants. Pursuant to the Merger Agreement, in an all-stock transaction valued at approximately $291 million, the owners of the outstanding shares in MBT will receive a fixed exchange ratio of 0.275 shares of First Merchants common stock for each share of MBT they hold. Upon completion of the Merger, MBT will be integrated into First Merchants as a wholly owned subsidiary of First Merchants.
On December 21, 2018, Defendants and First Merchants filed a proxy statement on a Schedule 14A (“Proxy”) with the United States Securities and Exchange Commission. The Complaint alleges that the Proxy omits certain material information with respect to the Proposed Transaction, which renders it false and misleading, in violation of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934.
Defendants filed a Motion to Dismiss the Complaint on February 1, 2019. On February 6, the Court issued an Order consolidating cases under Docket 19-CV-10181. On February 19, one of the Plaintiffs voluntarily dismissed his claims. The Court issued an Order denying Defendants' Motion to Dismiss the Complaint on July 12.
Company & Securities Information
Defendant: MBT Financial Corp.
Industry: Regional Banks
Headquarters: United States
Ticker Symbol: MBTF
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.