Company: ONBPP
Filing Date: 2025-02-03
Form Type: 424B3
Source: 0001104659-25-008430
Chunk: 65

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-02-03
Form: 424B3
Chunk 65
---
 and the mutual due diligence between Bremer and Old National.

Throughout October and November 2024, members of Bremer senior management and members of Old National senior management, along with representatives of J.P. Morgan, KBW and Old National’s financial advisors, participated in meetings, and the parties exchanged mutual due diligence information.

On October 9, 2024, Bremer’s representatives made available to Old National an initial draft of the merger agreement prepared by Wachtell Lipton.

On November 12, 2024, Old National provided a revised draft of the merger agreement, together with a revised indication of interest in which Old National proposed to acquire Bremer in a cash and stock transaction in which Bremer shareholders would receive $26.22 in cash and 3.962 shares of Old National common stock per share of Bremer common stock. Thereafter, the working group, together with representatives of J.P. Morgan, KBW and Wachtell Lipton, met to review Old National’s revised proposal. Following discussion of the terms of the proposal, the working group directed J.P. Morgan and KBW to seek from Old National a revised proposal that provided for additional consideration to Bremer shareholders, and requested that Bremer’s senior management, with the assistance of J.P. Morgan, KBW and Wachtell Lipton, advance all other aspects of the negotiations and diligence processes so as to enable the working group to make a determination about whether to recommend Old National’s proposed transaction to the Bremer board of directors. Following such meetings, representatives of J.P. Morgan and KBW communicated to representatives of Old National the request for a revised proposal.

Following additional discussions between Bremer, J.P. Morgan, KBW and Wachtell Lipton, on the one hand, and Old National and its advisors, on the other hand, on November 16, 2024, representatives of Old National communicated a revised proposal with enhanced consideration. Under the revised proposal, Bremer shareholders would receive $26.22 in cash and 4.182 shares of Old National common stock per share of Bremer common stock, an increase from the prior proposal of 0.22 shares of Old National common stock per share of Bremer common stock. Bremer and Old National also aligned on a timeline for completing mutual due diligence and finalizing definitive transaction documents, and agreed to work towards announcing a transaction on November 25, 2024.

During the week of November 18, 2024, representatives of Bre