Company: FRME
Filing Date: 2025-10-17
Form Type: S-4/A
Source: 0001193125-25-242318
Chunk: 212

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-17
Form: S-4/A
Chunk 212
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 and into First Merchants (the “ Merger”) so that First Merchants is the surviving corporation in the Merger. As set forth in the Agreement, at the Effective Time, each share of First Savings Common Stock issued and outstanding immediately prior to the Effective Time, except for certain shares of First Savings Common Stock as specified in the Agreement, shall be entitled to receive 0.85 (the “ Exchange Ratio”) of a share of First Merchants Common Stock. Capitalized terms used herein without definition shall have the meanings ascribed thereto in the Agreement. You have requested our opinion as to the fairness, from a financial point of view, of the Exchange Ratio to the holders of First Savings Common Stock. Piper Sandler & Co. (“ Piper Sandler”, “ we” or “ our”), as part of its investment banking business, is regularly engaged in the valuation of financial institutions and their securities in connection with mergers and acquisitions and other corporate transactions. In connection with this opinion, we have reviewed and considered, among other things: (i) a draft of the Agreement, dated September 23, 2025; (ii) certain publicly available financial statements and other historical financial information of First Savings that we deemed relevant; (iii) certain publicly available financial statements and other historical financial information of First Merchants that we deemed relevant; (iv) internal financial projections for First Savings for the years ending December 31, 2025 through December 31, 2029 as well as estimated dividends per share for First Savings for the years ending December 31, 2025 through December 31, 2029, as provided by the senior management of First Savings; (v) publicly available mean analyst estimates for First Merchants for the quarters ending September 30, 2025 and December 31, 2025 and the year ending December 31, 2026, as well as an estimated long-term annual earnings growth rate for the years ending December 31, 2027 through December 31, 2029 and estimated dividends per share for First Merchants for the quarters ending September 30, 2025 and December 31, 2025 and the years ending December 31, 2026 through December 31, 2029, as provided by the senior management of First Merchants; (vi) the pro forma financial impact of the Merger on First Merchants based on certain assumptions relating to transaction expenses, cost savings and purchase accounting adjustments, as well as certain adjustments for current expected credit losses