Faruqi & Faruqi, LLP, Partner Juan E. Monteverde Launches an Investigation of Firstbank Corporation Over the Proposed Sale of the Company to Mercantile Bank Corp.
Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Firstbank Corporation (“Firstbank” or the “Company”) (NasdaqGS: FBMI) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Mercantile Bank Corp. (“Mercantile”) (NasdaqGM: MBWM) in a deal valued at approximately $216 million. Under the terms of the proposed transaction, Firstbank’s shareholders will receive one share of Mercantile common stock, worth about $19.75 per share based on August 14 closing prices, for each share of Firstbank common stock they own.
The investigation focuses on whether Firstbank’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of Firstbank shareholders.
If you own common stock in Firstbank and wish to obtain additional information and protect your investments free of charge, please contact Juan E. Monteverde, Esq. either via e-mail at email@example.com or by telephone at (877) 247-4292 or (212) 983-9330.