Company: ONBPP
Filing Date: 2025-01-14
Form Type: S-4
Source: 0001104659-25-003488
Chunk: 69

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-01-14
Form: S-4
Chunk 69
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 transaction, as they had previously done. Representatives of Wachtell Lipton also outlined the proposed resolutions that the Bremer board of directors would be asked to adopt if it were to approve the proposed transaction. Following extensive discussion and questions and answers, J.P. Morgan rendered its oral opinion to the Bremer board of directors, which was subsequently confirmed by delivery of a written opinion, dated November 24, 2024, to the effect that, as of the date of such opinion and based upon and subject to the factors and assumptions made, procedures followed, matters considered, 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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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 “— Recommendation of the Bremer Board of Directors and Bremer’s Reasons for the Mergers,” 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 adopt and approve 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