Company: ONBPP
Filing Date: 2025-02-03
Form Type: 424B3
Source: 0001104659-25-008430
Chunk: 68

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-02-03
Form: 424B3
Chunk 68
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 and limitations and qualifications set forth in such opinion, the merger consideration to be paid to the holders of Bremer common stock in the

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TABLE OF CONTENTS

first step merger was fair, from a financial point of view, to such holders. See the section entitled “— Opinion of Bremer’s Financial Advisor” for more information. After considering the proposed terms of the merger agreement and the mergers and the various presentations made to the Bremer board of directors by Bremer’s financial and legal advisors, and taking into consideration the matters discussed during the meeting and prior meetings of Bremer’s board of directors, including consideration of the factors described under “— Bremer’s Reasons for the Mergers; Recommendation of Bremer’s Board of Directors”, the Bremer board of directors determined that the merger agreement and the transactions contemplated by the merger agreement are advisable and in the best interests of Bremer and its shareholders and resolved to approve and adopt the merger agreement and the transactions contemplated thereby, including the mergers, to authorize management to execute the merger agreement, to submit the merger agreement to a vote of Bremer shareholders and to recommend to Bremer’s shareholders that they approve the merger agreement.

On November 25, 2024, Bremer and Old National executed the merger agreement, each of the trustees of the Otto Bremer Trust and Old National executed the investor agreement and the trustee voting agreement, and each of the other directors of Bremer and Old National executed a director voting agreement. Prior to the opening of the financial markets, Bremer and Old National issued a joint press release to publicly announce the execution of the merger agreement and Old National held an investor call relating to the announced transaction.

Bremer’s Reasons for the Mergers; Recommendation of Bremer’s Board of Directors

The Bremer board of directors has determined that the merger agreement and the transactions contemplated by the merger agreement, including the mergers, are in the best interests of Bremer and its shareholders. In reaching its determination, the Bremer board of directors consulted with Bremer’s senior management, as well as with Bremer’s financial and legal advisors, and considered numerous factors, including the following material factors:

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the review undertaken by the Bremer board or directors and the working group, with the assistance of outside financial and legal advisors, and the Bremer board of directors’ firm belief that the mergers with Old National were the best option available to Bremer and its shareholders;

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the value of the merger consideration to Bremer