Company: MCHB
Filing Date: 2025-07-15
Form Type: S-4/A
Source: 0001140361-25-025920
Chunk: 206

Company: Mechanics Bancorp
Filing Date: 2025-07-15
Form: S-4/A
Chunk 206
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 on KBW’s market check and professional judgment, was not unreasonable. KBW added that no other parties had provided an offer at this time and that the revised LOI was, in KBW’s view, the highest and best offer HomeStreet was likely to receive from Mechanics. After delivering a report regarding the proceedings of the HomeStreet special transaction committee meeting held the prior day, a member of the HomeStreet special transaction committee reported that the HomeStreet special transaction committee had unanimously determined to recommend the revised

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LOI to the full HomeStreet board for approval. Mr. Mason then solicited the views of the other members of the HomeStreet board, who shared their concerns about engaging in an extensive back-and-forth on the revised LOI which could delay or jeopardize a transaction, and discussed the likelihood that Mechanics would improve its offer. Members of the HomeStreet board discussed how the proposed transaction on the terms in the revised LOI would be a better outcome for HomeStreet shareholders than not pursuing the proposed transaction, including as compared to other strategic alternatives reasonably available to HomeStreet (including HomeStreet’s standalone strategic plan), and discussed with HomeStreet’s legal and financial advisors the proposed timeline, expected regulatory approvals, and related matters. Following further discussion, the HomeStreet board unanimously approved HomeStreet accepting the revised LOI and authorized management to execute the revised LOI and move forward with negotiating definitive documentation for the transaction.

Following the meeting of the HomeStreet board, on or about February 5, 2025, HomeStreet countersigned the revised LOI.

Also on February 5, 2025, the Mechanics board held a meeting. At the meeting, members of Mechanics’ management provided an update on the status of the negotiations with HomeStreet and the execution of the LOI by HomeStreet that afternoon. Members of Mechanics’ management and the Mechanics board discussed the status of Mechanics’ and HomeStreet’s due diligence, the terms of the proposed transaction and the potential timeline for the diligence process and negotiation of definitive documentation for the transaction.

On February 24, 2025, Wachtell Lipton provided an initial draft of a proposed merger agreement to S&C. Thereafter and continuing until the merger agreement was executed, the parties and their respective counsel exchanged several drafts of the merger agreement and related transaction documents to be entered into in connection with the potential transaction, and negotiated the terms of the merger agreement and related documents, reflecting ongoing discussions between the parties regarding transaction terms.