Ademi LLP is investigating Level One (Nasdaq: LEVL), for possible breaches of fiduciary duty and other violations of law in its transaction with First Merchants.
Click here to learn how to join the action: https://www.ademilaw.com/case/level-one-bancorp-inc or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
Ademi LLP alleges Level One's financial outlook and prospects are excellent and yet Level One shareholders will receive only a 0.7167 share of First Merchants common stock, in a tax-free exchange, and $10.17 in cash for each share of Level One common stock owned, currently an approximate 75% stock / 25% cash mix. Based on the closing price of First Merchants common stock on November 3, 2021 of $43.50 per share, the implied merger consideration for each share of Level One common stock is $41.35 per share. In addition, each share of Level One's 7.50% Non-Cumulative Perpetual Preferred Stock, Series B, outstanding immediately prior to the effective time of the merger will be converted into the right to receive one share of a newly created series of preferred stock of First Merchants having voting powers, preferences and special rights that are substantially identical to the Level One Series B preferred stock. The merger agreement unreasonably limits competing bids for Level One by prohibiting solicitation of further bids, and imposing a significant penalty if Level One accepts a superior bid. Level One insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Level One'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 Level One.
If you own Level One common stock and wish to obtain additional information, please contact Guri Ademi either at email@example.com or toll-free: 866-264-3995, or https://www.ademilaw.com/case/level-one-bancorp-inc.
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.
Ademi LLPGuri AdemiToll Free: (866) 264-3995Fax: (414) 482-8001
View original content to download multimedia:https://www.prnewswire.com/news-releases/shareholder-alert-ademi-llp-investigates-whether-level-one-bancorp-inc-has-obtained-a-fair-price-in-its-transaction-with-first-merchants-301416686.html
SOURCE Ademi LLP