Company: ONBPP
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001104659-25-007256
Chunk: 66

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-01-29
Form: S-4/A
Chunk 66
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 into confidentiality agreements with certain potentially interested parties and a summary of the proposed diligence process. Following discussion, the Bremer board of directors directed Bremer’s senior management, J.P. Morgan and KBW to provide potential counterparties with preliminary due diligence information and seek proposals for a strategic business combination transaction.

Following the September 11, 2024 board meeting, at the instruction of the Bremer board of directors, J.P. Morgan and KBW provided the potential counterparties who had entered into confidentiality agreements with a process letter from Bremer, which, among other things, requested that each of the potential counterparties submit its written nonbinding proposal for a potential strategic transaction with Bremer.

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Bremer also granted the counterparties access to an electronic data room containing preliminary due diligence information on Bremer and its subsidiaries. In the weeks that followed, representatives of Bremer senior management, J.P. Morgan, KBW and Wachtell Lipton engaged in discussions and provided responsive due diligence information to potential counterparties. The electronic data room was iteratively updated with additional due diligence information throughout the ensuing transaction process.

On September 25, 2024, Old National submitted a non-binding indication of interest in which it proposed to acquire Bremer in a cash and stock transaction in which Bremer shareholders would receive $10.12 in cash and 5.630 shares of Old National common stock per share of Bremer common stock. Based on the closing price of Old National common stock on September 24, 2024, Old National’s indication of interest represented an implied value of $115.00 per share of Bremer common stock. Old National’s proposal was conditioned on the Otto Bremer Trust, as the holder of 85.96% of the outstanding Bremer common stock, supporting the proposal, including through a voting agreement that would be entered into at announcement of an agreed transaction. In addition to Old National’s proposal, one other financial institution that had entered into a confidentiality agreement with Bremer initially indicated a potential interest in pursuing a strategic transaction, but subsequently withdrew from the transaction process without having ever provided an actionable proposal. None of the other potential counterparties that had entered into confidentiality agreements submitted an indication of interest or other proposal for a strategic transaction with Bremer.

On September 27, 2024, the Bremer board of directors held a meeting with representatives of J.P. Morgan, KBW and Wachtell Lipton in attendance, which included a