Company: ONBPP
Filing Date: 2025-02-03
Form Type: 424B3
Source: 0001104659-25-008430
Chunk: 70

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-02-03
Form: 424B3
Chunk 70
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the fact that Old National is an experienced acquiror and has a history of successfully obtaining regulatory clearances for, and integrating, strategic transactions;

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the ability of the Bremer board of directors to change its recommendation that Bremer shareholders vote in favor of approval of the merger agreement, subject to the terms and conditions set forth in the merger agreement and that in the event of such recommendation change, the voting agreements will be automatically terminated and the trustees of the Otto Bremer Trust and the directors subject to the voting agreements will be released from their obligation to vote in favor of approval and adoption of the merger agreement;

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the financial analyses presented by J.P. Morgan and the oral opinion of J.P. Morgan, dated November 24, 2024, to the Bremer board of directors, which was subsequently confirmed by delivery of a written opinion, dated November 24, 2024, to the effect that, as of the date of such opinion and based upon and subject to the factors and assumptions made, procedures followed, matters considered, and limitations and qualifications set forth in such opinion, the merger consideration to be paid to the holders of Bremer common stock in the mergers was fair, from a financial point of view, to such holders, as more fully described below under the section entitled “Opinion of Bremer’s Financial Advisor” and the full text of such opinion is attached to this proxy statement/prospectus as Annex D ; and

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the terms of the merger agreement, including the limited closing conditions and the expected tax treatment of the mergers, taken together, as a “reorganization” within the meaning of Section 368(a) of the Code for United States federal income tax purposes.

The Bremer board of directors also considered a variety of risks and other potentially negative factors concerning the mergers, including the following material factors:

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that the exchange ratio for the stock portion of the merger consideration is fixed, so that if the market price of Old National common stock is lower at the time of the closing of the mergers, the economic value of the per share merger consideration to be received by Bremer’s shareholders in exchange for their shares of Bremer common stock will also be lower;

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the possibility that the mergers and the related integration process could result in the loss of key employees, in the disruption of Bremer’s ongoing business and in the loss of customers for the combined company;

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the fact that there can be no assurance that all conditions to the parties’ obligations to complete the mergers will be satisfied, including