Commercial Bancshares, Inc. \OH (OTCMKTS:CMOH) Investor Investigation Over Potential Wrongdoing In Acquisition Announced

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Company Name(s): 
Commercial Bancshares
Affected Securities: 

September 2, 2016 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of Commercial Bancshares, Inc. \OH (OTCMKTS:CMOH), was announced concerning whether the takeover of Commercial Bancshares, Inc. \OH by First Defiance Financial Corp for a value of $51.00 per share is unfair.

The investigation by a law firm concerns whether certain officers and directors of Commercial Bancshares, Inc. breached their fiduciary duties owed to OTCMKTS:CMOH investors in connection with the proposed acquisition.

On August 23, 2016, First Defiance Financial Corp. (NASDAQ: FDEF) and Commercial Bancshares, Inc. (OTCMKTS:CMOH) jointly announced the signing of a definitive merger agreement under which First Defiance will acquire Commercial in a transaction valued at $51.00 per share, based on the 20-day average closing price of First Defiance common stock of $43.19 ending August 22, 2016.

However, given that following the takeover announcement OTCMKTS:CMOH traded as high as $52.65 per share on August 29, 2016, the investigation concerns whether the offer is unfair to OTCMKTS:CMOH stockholders. More specifically, the investigation concerns whether the Commercial Bancshares Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.