Company: FRME
Filing Date: 2025-10-10
Form Type: S-4
Source: 0001193125-25-237211
Chunk: 61

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-10
Form: S-4
Chunk 61
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 contacts were reported to First Savings’ board of directors. First Merchants alone expressed an interest in a potential merger
transaction with First Savings. In February 2025, based solely on its initial review of First Savings’ publicly available information, First Merchants verbally indicated to First Savings an exchange ratio range of 0.73 to 0.75 of a share of
First Merchants common stock for each outstanding share of First Savings common stock based on a potential all-stock transaction. On April 24, 2025, First Savings engaged Piper Sandler to assist in
pursuing a potential merger transaction with First Merchants.

On May 5, 2025, First Savings and First Merchants entered into a
confidentiality agreement, which included customary non-disclosure provisions and a standstill provision prohibiting First Merchants, for one year from the date of the confidentiality agreement, from offering
to acquire or acquiring First Savings, and from taking certain other actions, including soliciting proxies, without the prior written consent of First Savings; provided, however, that this standstill provision would become null and void if First
Savings enters into a definitive merger agreement with First Merchants or another party. On May 13, 2025, Piper Sandler provided First Merchants and its financial advisor access to a confidential virtual data room containing non-public financial and other information regarding First Savings.

On May 28, 2025, First Savings
and another Midwest bank holding company (Company A) entered into a confidentiality agreement substantially similar to the one entered into with First Merchants, including with respect to the standstill provision, and Piper Sandler provided Company
A and its financial advisor access to the confidential virtual data room containing the same non-public financial and other information regarding First Savings made available to First Merchants. On
June 12, 2025, Company A informed Piper Sandler of its decision not to pursue a potential merger transaction with First Savings.

On
June 16, 2025, First Savings hosted an in-person due diligence session at an off-site location which was attended by senior management of First Savings and of First
Merchants, representatives of Piper Sandler and

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representatives of First Merchants’ financial advisor. The attendees discussed First Savings’ internal outlook for 2025 and 2026 earnings, First Savings’ key business lines and
their operation, expected one-time transaction expenses, and key employee retention matters, among other matters.

On June 23, 2025, First