Company: NWBI
Filing Date: 2025-02-24
Form Type: 424B3
Source: 0001193125-25-033488
Chunk: 31

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-24
Form: 424B3
Chunk 31
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 and of certain factors to
consider in connection with those businesses, see the documents incorporated by reference in this proxy statement/prospectus and referred to under “Where You Can Find More Information” in the forepart of this document.

Northwest could experience difficulties in managing its growth and effectively integrating the operations of Penns Woods and the Subsidiary Banks.

The earnings, financial condition and prospects of Northwest after the Merger will depend in part on Northwest’s ability to
integrate successfully the operations of Penns Woods and the Subsidiary Banks and to continue to implement its own business plan. Northwest may not be able to fully achieve the strategic objectives and projected operating efficiencies
anticipated in the Merger. The costs or difficulties relating to the integration of Penns Woods and the Subsidiary Banks with the Northwest organization may be greater than expected or the cost savings from any anticipated economies of scale of
the combined organization may be lower or take longer to realize than expected. Inherent uncertainties exist in integrating the operations of any acquired entity, and Northwest may encounter difficulties, including matters such as loss of key
employees and customers, and the disruption of its ongoing business or possible inconsistencies in standards, controls, procedures and policies, among others. These factors could contribute to Northwest not fully achieving the expected benefits
from the Merger.

The Merger Agreement limits Penns Woods’ ability to pursue alternatives to the Merger with Northwest, may discourage other acquirers from offering a higher valued transaction to Penns Woods and may, therefore, result in less value for the Penns Woods shareholders.

The Merger Agreement contains a provision that, subject to certain limited exceptions, prohibits Penns Woods from soliciting, negotiating, or
providing confidential information to any third party relating to any competing proposal to acquire Penns Woods or the Subsidiary Banks.

In addition, if the Merger Agreement is terminated by Penns Woods under certain circumstances involving alternative acquisition proposals,
Penns Woods may be required to pay a termination fee to Northwest equal to $10.0 million. The requirement that Penns Woods make such a payment could discourage another company from making a competing proposal.

The fairness opinion delivered to Penns Woods’ board does not reflect changes in circumstances subsequent to the date of such opinion.

Penns Woods’ board of directors received an opinion, dated December 16, 2024, from its financial advisor as to the fairness of the
Exchange Ratio, from a financial point of view, as of the date of such opinion.

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