Denmark Bancshares, Inc.

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Ademi LLP is investigating Denmark (OTCQX: DMKBA and DMKBB) for possible breaches of fiduciary duty and other violations of law in its transaction with Bank First.

Ademi LLP alleges Denmark’s financial outlook and prospects are excellent and yet Denmark shareholders will receive only either $38.10 in cash per share or 0.5276 of a share of Bank First's common stock in exchange for each share of Denmark common stock, subject to customary proration and allocation procedures, such that no less than 80% of Denmark shares will receive stock consideration and no greater than 20% will receive cash consideration. The aggregate consideration is valued at approximately $119 million. The merger agreement unreasonably limits competing bids for Denmark by prohibiting solicitation of further bids, and imposing a significant penalty if Denmark accepts a superior bid. Denmark insiders will receive substantial benefits as part of change of control arrangements.

We are investigating the conduct of Denmark’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 Denmark.