Company: NWBI
Filing Date: 2025-02-20
Form Type: S-4/A
Source: 0001193125-25-030716
Chunk: 50

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-20
Form: S-4/A
Chunk 50
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 November 18, 2024, Stevens & Lee P.C. (“Stevens & Lee”), legal counsel to Penns Woods, was provided a
draft merger agreement by Dinsmore & Shohl LLP, legal counsel to Northwest. The draft merger agreement reflected the matters included in the non-binding indication of interest letter. The parties and
their respective financial advisors negotiated the draft merger agreement over the following weeks. The terms negotiated and discussed by the parties included, without limitation, executory period covenants, closing conditions, termination
provisions and related termination fees, post-closing board membership, and post-closing employee matters. Due diligence of Penns Woods by Northwest and reverse due diligence of Northwest by Penns Woods continued while the parties negotiated the
terms of the draft merger agreement.

At a meeting held on November 26, 2024, the Penns Woods board of directors discussed the
proposed transaction with Northwest. A representative of Stephens and a representative of Stevens & Lee participated in this meeting. Mr. Grafmyre advised the board that a draft merger agreement had been received on November 18,
2024 and was in the process of review by Penns Woods management, its counsel, and its financial advisor. At this meeting, the Stephens representative presented certain information to the board, including without limitation, recent and historical
stock price information for both Penns Woods and Northwest, a review of recent institutional investor purchase activity with respect to Penns Woods common stock, a research analyst overview of Northwest, and information relating to Penns Woods’
historical tangible book value and cumulative dividend growth.

At a meeting held on December 3, 2024, the Penns Woods board of
directors further discussed the proposed transaction with Northwest. A representative of Stephens and a representative of Stevens & Lee participated in this meeting. At this meeting, the Stephens representative presented certain additional
information to the board that had been requested based on the November 26 board meeting, including without limitation, short- and long-term market premiums for the proposed transaction compared
to other transactions, price to tangible book value multiples for the proposed transaction compared to other transactions, information on the annual cash dividend

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increase to be received by Penns Woods shareholders based on the exchange ratio, and certain information previously requested by the board on post-announcement acquirer stock performance in recent bank merger transactions. At a meeting held on December 6, 2024, the Penns Woods board of directors again discussed the proposed transaction with Northwest. A representative