The all-stock transaction entitles Finward shareholders to 1.35 shares of First Financial common stock for each share held. Legal analysts at Ademi LLP are scrutinizing the agreement’s structure, specifically focusing on provisions that impose significant penalties should the company attempt to solicit or accept competing bids.

Investigators are also evaluating allegations that the merger’s change-of-control arrangements provide disproportionate benefits to Finward insiders. The firm is currently assessing whether the board fulfilled its fiduciary obligations throughout the negotiation process or if the terms unfairly limit the potential for a higher valuation.