Company: OSBC
Filing Date: 2025-05-06
Form Type: S-4/A
Source: 0001104659-25-045103
Chunk: 62

Company: OLD SECOND BANCORP INC
Filing Date: 2025-05-06
Form: S-4/A
Chunk 62
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 stock. The updated purchase price represented approximately 133% of Bancorp Financial’s tangible book value, assuming Bancorp Financial common equity of $149.8 million as of November 30, 2024. Based on the closing price of Old Second’s common stock on December 12, 2024 of $18.51 per share, the proposed purchase price would consist of approximately 25% cash and 75% Old Second stock. The above purchase price, including the exchange ratio, was based on Bancorp Financial having 3,151,172 shares of common stock outstanding, and the above figures would be subject to adjustment based on any outstanding options,

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restricted stock or other equity-based employee compensation, the treatment of which was to be determined, as Old Second indicated that it was willing to cash out or assume such awards. In addition, the December 17, 2024 letter of intent stated that Old Second remained open to adding a Bancorp Financial representative to Old Second’s board of directors.

On December 18, 2024, Bancorp Financial’s board of directors reviewed and considered the December 17, 2024 letter of intent. During this meeting, the board and senior management engaged in an in-depth review of the terms of the updated letter of intent. After reviewing and discussing in detail the updated terms contained in the letter of intent, the board of directors determined that it was in the best interest of the company to execute the December 17, 2024 non-binding letter of intent and continue to negotiate the terms of a definitive agreement with Old Second.

Following execution of the December 17, 2024 letter of intent, each of Bancorp Financial and Old Second continued to engage in its respective due diligence review process. Over the next several weeks, Bancorp Financial provided Old Second’s executive team with additional confidential due diligence materials through a virtual data room. From mid-December 2024 through mid-January 2025, Old Second continued its detailed due diligence review of the financial condition and operations of Bancorp Financial and Evergreen Bank Group, Bancorp Financial’s and Evergreen Bank Group’s material agreements and other information concerning Bancorp Financial and Evergreen Bank Group. In addition, Bancorp Financial continued its due diligence review of Old Second’s operations, including reviewing reports and other materials filed by Old Second with the SEC. The management team of Bancorp Financial also continued to engage in discussions and negotiation with Old Second’s management team regarding the proposed