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Case Status:    ONGOING    
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 INFORMATION:

Sector: Financial
Industry: Regional Banks
Headquarters: United States

SECURITIES INFORMATION:

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.
COURT: E.D. Michigan
DOCKET #: 19-CV-10076
JUDGE: Hon. Judge Linda V. Parker
DATE FILED: 01/09/2019
CLASS PERIOD START: 10/10/2018
CLASS PERIOD END: 01/09/2019
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. VanOverbeke Michaud & Timmony, P.C.
    79 Alfred Street, VanOverbeke Michaud & Timmony, P.C., MI 48201
    313.578.1200 313.578.1200 ·
  2. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
No Document Title Filing Date
COURT: E.D. Michigan
DOCKET #: 19-CV-10181
JUDGE: Hon. Judge Linda V. Parker
DATE FILED: 01/18/2019
CLASS PERIOD START: 10/10/2018
CLASS PERIOD END: 01/18/2019
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kahn Swick & Foti, LLC (New Orleans)
    650 Poydras St. 2150, Kahn Swick & Foti, LLC (New Orleans), LA 70130
    504.455.1400 504.455.1400 ·
  2. The Miller Law Firm PC
    950 West University Drive, Suite 300, The Miller Law Firm PC, MI 48307
    248.841.2200 248.652.2852 ·
No Document Title Filing Date
—Related District Court Filings Data is not available