Company: ONBPP
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001104659-25-007256
Chunk: 69

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-01-29
Form: S-4/A
Chunk 69
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 National, including the results of the due diligence process and the unanimous recommendation of the working group that Bremer pursue the proposed transaction with Old National. Representatives of J.P. Morgan reviewed with the Bremer board of directors J.P. Morgan’s preliminary analyses of Old National’s revised proposal. Representatives of Wachtell Lipton also reviewed the fiduciary duties of the directors in the context of the transaction and summarized the key terms of the latest drafts of the merger agreement and other transaction documents. The Bremer board of directors and the advisors discussed various aspects of the proposed transaction, including with respect to the implied valuation of Bremer, the relative proportions of cash and stock consideration proposed, transaction rationale and strategy, corporate culture, the anticipated regulatory approval process and the impact on Bremer employees and communities, including the availability of banking services in underserved rural communities in Bremer’s footprint. Following an extensive discussion, the Bremer board of directors indicated it was supportive of the proposed transaction on the terms discussed, and authorized Bremer senior management to continue to work with Bremer’s legal advisor to finalize the transaction documentation.

During the period from November 21 through November 24, representatives of Bremer, Old National and the Otto Bremer Trust and their respective legal advisors worked to finalize the merger agreement and related transaction documentation, including the investor agreement, the trustee voting agreement and the director voting agreements.

On November 24, 2024, the Bremer board of directors held a special meeting to consider the final negotiated terms of the proposed transaction and entry into the merger agreement. Members of Bremer senior management and representatives of J.P. Morgan, KBW and Wachtell Lipton were also present at the meeting. At this meeting, representatives of J.P. Morgan reviewed with the Bremer board of directors J.P. Morgan’s financial analysis of the potential transaction based on the revised Old National proposal of $26.22 in cash and 4.182 shares of Old National common stock per share of Bremer common stock. Representatives of Wachtell Lipton reviewed the final terms of the merger agreement and the other transaction documentation and reviewed the fiduciary duties of the directors in the context of the 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