Company: ONBPP
Filing Date: 2025-01-14
Form Type: S-4
Source: 0001104659-25-003488
Chunk: 366

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-01-14
Form: S-4
Chunk 366
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. Morgan Securities LLC
November 24, 2024

The Board of Directors 
 Bremer Financial Corporation 
 380 Saint Peter Street 
 Suite 500 
 Saint Paul, MN 55102

Members of the Board of Directors:

You have requested our opinion as to the fairness, from a financial point of view, to the holders of Class A common stock, no par value (the “Class A Common Stock”), and Class B common stock, no par value (the “Class B Common Stock” and, collectively with the Class A Common Stock, the “Company Common Stock”), of Bremer Financial Corporation (the “Company”) of the consideration to be paid to such holders in the proposed merger (the “Transaction”) of the Company with a wholly-owned subsidiary of Old National Bancorp (the “Acquiror”). Pursuant to the Agreement and Plan of Merger (the “Agreement”), among the Company, the Acquiror and its subsidiary, ONB Merger Sub, Inc. (“Merger Sub”), the Company will become a wholly-owned subsidiary of the Acquiror, and each outstanding share of Company Common Stock, other than shares of Company Common Stock held in treasury or owned by the Company, Acquiror or their respective affiliates (in each case other than shares held (i) in a fiduciary or agency capacity that are beneficially owned by third parties or (ii) directly or indirectly as a result of debts previously contracted) and Dissenting Shares (as defined in the Agreement), will be converted into the right to receive consideration per share equal to $26.22 in cash without interest (the “Cash Consideration”) and 4.182 shares (the “Stock Consideration”, and, together with the Cash Consideration, the “Consideration”) of the Acquiror’s common stock, no par value (the “Acquiror Common Stock”).

In connection with preparing our opinion, we have (i) reviewed a draft dated November 24, 2024 of the Agreement; (ii) reviewed certain publicly available business and financial information concerning the Company and the Acquiror and the industries in which they operate; (iii) compared the financial and operating performance of the Company and the Acquiror with publicly available information concerning certain other companies we deemed relevant and reviewed the current and historical market prices of the Acquiror Common Stock and certain publicly traded securities of such other companies; (iv) reviewed certain internal financial analyses and forecasts prepared by the management of the Company relating to the business of