The Ademi Firm is investigating BankFinancial (Nasdaq: BFIN) for possible breaches of fiduciary duty and other violations of law in its transaction with First Financial Bancorp.
In the transaction, shareholders of BankFinancial will receive 0.48 shares of First Financial common stock in an all-stock transaction valued at approximately $142 million, based on First Financial’s August 8 closing stock price. BankFinancial insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for BankFinancial by imposing a significant penalty if BankFinancial accepts a competing bid. We are investigating the conduct of the BankFinancial board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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