Shareholder Alert: Ademi LLP investigates whether Blackhawk Bancorp, Inc. has obtained a Fair Price in its transaction with First Mid Bancshares

MILWAUKEE, March 21, 2023

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Ademi LLP alleges Blackhawk's financial outlook and prospects are excellent and yet Blackhawk's shareholders are expected to receive only 1.15 shares of First Mid common stock for each share of Blackhawk common stock. Based on First Mid Bancshares' price per share at closing on March 20, 2023 of $27.13, the aggregate consideration to be paid by First Mid Bancshares is approximately $90.3 million. The transaction agreement unreasonably limits competing bids for Blackhawk by imposing a significant penalty if Blackhawk accepts a superior bid. Blackhawk insiders will receive substantial benefits as part of change of control arrangements.

We are investigating the conduct of Blackhawk'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 Blackhawk.

If you own Blackhawk common stock and wish to obtain additional information, please contact Guri Ademi either at gademi@ademilaw.com or toll-free: 866-264-3995, or https://www.ademilaw.com/case/blackhawk-bancorp-inc.  

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