Company: ONBPP
Filing Date: 2025-01-14
Form Type: S-4
Source: 0001104659-25-003488
Chunk: 67

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-01-14
Form: S-4
Chunk 67
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 the revised proposal, Bremer shareholders would receive $26.22 in cash and 4.182 shares of Old National common stock per share of Bremer common stock, an increase from the prior proposal of 0.22 shares of Old National common stock per share of Bremer common stock. Bremer and Old National also aligned on a timeline for completing mutual due diligence and finalizing definitive transaction documents, and agreed to work towards announcing a transaction on November 25, 2024.

During the week of November 18, 2024, representatives of Bremer, Old National and the trustees of the Otto Bremer Trust, along with their respective financial and legal advisors, continued to negotiate the merger agreement and ancillary transaction documentation, including the investor agreement (an initial draft

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of which was provided to representatives of Old National by representatives of Bremer on November 19, 2024), the trustee voting agreement (an initial draft of which was provided to representatives of Old National by representatives of Bremer on October 29, 2024) and the director voting agreements (an initial draft of which was provided to representatives of Bremer by representatives of Old National on November 22, 2024), and engaged in continued discussions regarding due diligence and other matters related to the potential transaction.

On November 21, 2024, the working group held a meeting, which was also attended by representatives of J.P. Morgan, KBW and Wachtell Lipton. At the meeting, representatives of J.P. Morgan and KBW reviewed with the working group Old National’s revised proposal of $26.22 in cash and 4.182 shares of Old National common stock per share of Bremer common stock, and representatives of Wachtell Lipton summarized the latest terms and conditions of the transaction agreements. The working group and the advisors discussed various aspects of the Old National proposal, including with respect to the implied valuation of Bremer, the relative proportions of cash and stock consideration proposed, transaction rationale and strategy, corporate culture, the anticipated regulatory approval process, and the impact on Bremer employees and communities, including the availability of banking services in underserved rural communities in Bremer’s footprint. Following this discussion, the members of the working group, including each of the representatives of the Otto Bremer Trust, unanimously determined to recommend to Bremer’s board of directors that Bremer pursue the proposed transaction with Old National.

Later on November 21, 2024