MutualFirst Financial, Inc.

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Ademi & O’Reilly, LLP is investigating MutualFirst (Nasdaq:MFSF) for possible breaches of fiduciary duty and other violations of the law in connection with the sale of MutualFirst to Northwest.

Ademi & O’Reilly, LLP alleges MutualFirst’s financial outlook is improving and yet shareholders will receive 2.4 shares of Northwest common stock for each common share of MutualFirst or only the equivalent of $39.89 per share (based on Northwest's 15-day volume weighted average closing stock price ending on October 23, 2019), or approximately $346 million in the aggregate. The merger agreement unreasonably limits competing bids for MutualFirst by prohibiting solicitation of further bids, and imposing a termination penalty if MutualFirst accepts a superior bid. MutualFirst insiders will receive millions of dollars as part of change of control arrangements. We are investigating on the conduct of MutualFirst’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 MutualFirst.