Great Western Bancorp, Inc.

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Ademi LLP is investigating Great Western (NYSE: GWB), for possible breaches of fiduciary duty and other violations of law in its transaction with First Interstate.

Ademi LLP alleges Great Western’s financial outlook and prospects are excellent and yet Great Western shareholders will receive only .8425 shares of First Interstate Class A common stock for each Great Western share they own. Following completion of the transaction, Great Western shareholders will collectively own 43% of the combined company. The implied total transaction value based on closing prices on September 15, 2021 is approximately $2.0 billion. The merger agreement unreasonably limits competing bids for Great Western by prohibiting solicitation of further bids, and imposing a significant penalty if Great Western accepts a superior bid. Great Western insiders will receive substantial benefits as part of change of control arrangements. We are investigating the conduct of Great Western’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 Great Western.