MILWAUKEE, Nov. 1, 2021 /PRNewswire/ -- Ademi LLP is investigating Iowa First Bancshares (OTC Pink: IOFB), for possible breaches of fiduciary duty and other violations of law in its transaction with MidWestOne.
Ademi LLP alleges Iowa First Bancshares' financial outlook and prospects are excellent and yet Iowa First Bancshares shareholders will receive only aggregate cash consideration of $47.6 million, subject to adjustment. The merger agreement unreasonably limits competing bids for Iowa First Bancshares by prohibiting solicitation of further bids, and imposing a significant penalty if Iowa First Bancshares accepts a superior bid. Iowa First Bancshares insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Iowa First Bancshares' board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Iowa First Bancshares.
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.