Company: ASB
Filing Date: 2025-12-30
Form Type: S-4
Source: 0001193125-25-337086
Chunk: 26

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-12-30
Form: S-4
Chunk 26
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 to, directly or indirectly, initiate, solicit, knowingly encourage, or knowingly facilitate any inquiries or proposals regarding certain acquisition transactions. Specifically, American National is
prohibited from engaging in negotiations with, providing confidential or nonpublic information to, or participating in discussions with any person concerning any acquisition or purchase, direct or indirect, of 20% or more of the consolidated assets
of American National and its subsidiaries, or 20% or more of any class of equity or voting securities of American National or its subsidiaries whose assets, individually or in the aggregate, constitute 20% or more of the consolidated assets of
American National. The restrictions also apply to any tender offer or exchange offer that, if consummated, would result in such third party beneficially owning 20% or more of any class of equity or voting securities of American National or its
subsidiaries whose assets, individually or in the aggregate, constitute 20% or more of the consolidated assets of American National, as well as to any merger, consolidation, share exchange, or other business combination, reorganization,
recapitalization, liquidation, dissolution, or similar transaction involving American National or its subsidiaries whose assets, individually or in the aggregate, constitute 20% or more of the consolidated assets of American National. Additionally,
during the term of the Merger Agreement, American National and its subsidiaries and representatives are prohibited from approving or entering into any term sheet, letter of intent, commitment, memorandum of understanding, agreement in principle,
acquisition agreement, merger agreement, or other agreement (whether written or oral, binding or nonbinding) relating to any such acquisition proposal. See the section entitled “The Merger Agreement — Agreement Not to Solicit Other
Offers” for a discussion of the no shop provisions to which American National is subject under the Merger Agreement. These provisions could discourage a potential third-party acquirer that might have an interest in acquiring all or a
significant portion of American National from considering or proposing that acquisition.

Risk Factors Relating to Associated’s Business

You should read and consider risk factors specific to Associated’s business that will also affect the surviving corporation after the
Merger. These risks are described in the sections entitled “Risk Factors” in Associated’s Annual Report on Form 10-K most recently filed with the SEC and in other documents incorporated by
reference into this information statement/prospectus. Please see the section entitled “Where You Can Find More Information” for the location of information incorporated by reference into this information statement/prospectus.

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