Company: ONBPP
Filing Date: 2025-02-03
Form Type: 424B3
Source: 0001104659-25-008430
Chunk: 63

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-02-03
Form: 424B3
Chunk 63
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 trustees of the Otto Bremer Trust. Bremer and the trustees of the Otto Bremer Trust selected these advisors for a number of reasons, including J.P. Morgan’s and KBW’s respective investment banking experience and familiarity with the industry in which Bremer operates.

Following its formation, the working group met regularly with members of Bremer’s senior management and representatives of J.P. Morgan, KBW and Wachtell, Lipton, Rosen & Katz (“Wachtell Lipton”), Bremer’s legal advisor. Members of the working group reported to and discussed with the Bremer board of directors the working group’s activities at each subsequent board meeting. The Otto Bremer Trust also discussed the separation planning with its legal advisor, Sullivan & Cromwell LLP.

At the August 30, 2024 meeting of the working group, representatives of J.P. Morgan and KBW reviewed with the working group preliminary information regarding financial analyses of a potential transaction across multiple interest rate scenarios. Representatives of the financial advisors also discussed with the working group certain potentially interested counterparties if the working group were to determine to pursue a strategic business combination. Following extensive discussion, at the conclusion of the August 30, 2024 meeting, the working group requested that J.P. Morgan and KBW solicit and engage in preliminary discussions with certain counterparties regarding a potential strategic transaction.

As requested by the working group, during the first week of September 2024, J.P. Morgan and KBW contacted 12 potential counterparties, including Old National, to gauge their interest in a potential strategic transaction with Bremer. Of the 12 parties contacted, five such parties, including Old National, entered into customary mutual confidentiality agreements with Bremer. The mutual confidentiality agreements did not contain any standstill provisions, and Bremer did not enter into any exclusivity arrangements with any potential counterparty throughout the transaction process.

On September 11, 2024, the Bremer board of directors held a meeting, which was attended by members of Bremer’s senior management and representatives of J.P. Morgan, KBW and Wachtell Lipton. At this meeting, representatives of J.P. Morgan and KBW discussed with the Bremer board of directors the working group’s process to date, including the potential counterparties contacted, the entry 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