Company: ONBPP
Filing Date: 2025-01-14
Form Type: S-4
Source: 0001104659-25-003488
Chunk: 82

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-01-14
Form: S-4
Chunk 82
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 forma combined company equity value. J.P. Morgan determined the pro forma combined company equity value by calculating the sum of (i) the equity value of Bremer derived using the midpoint value determined in J.P. Morgan’s dividend discount analysis described above in “— Bremer Analyses — Dividend Discount Analysis ” (Bremer’s “ Standalone Value ”) plus (ii) the equity value of Old National derived using the midpoint value determined in J.P. Morgan’s dividend discount analysis described above in “— Old National Analyses — Dividend Discount Analysis ”) plus (iii) the $444 million net cash proceeds of the Capital Raise minus (iv) the aggregate amount of cash consideration to be paid by Old National to Bremer shareholders pursuant to the merger agreement plus (v) the estimated present value of expected Synergies (using projected Synergy amounts provided by Bremer management, a cost of equity range of 9.25% to 11.25% and a terminal NTM P/E multiple range of 9.0x to 11.0x). There can be no assurance that the Synergies and transaction-related fees and expenses will not be substantially greater or less than the estimate described above. The value creation analysis, at the exchange ratio, yielded accretion to Bremer shareholders of $85 million in aggregate, as compared to Bremer’s Standalone Value. Other Information For reference only and not as a component of its fairness analysis, J.P. Morgan also reviewed the following information, among other information: • a regression analysis to review the relationship between (i) a multiple of share price to tangible book value per share and (ii) the estimated 2025 return on average tangible common equity, for Bremer, the Bremer Selected Companies and certain other publicly traded companies engaged in businesses that J.P. Morgan judged to be analogous to Bremer’s businesses (namely, (1) Berkshire Hills Bancorp,

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Inc., (2) Enterprise Financial Services Corp, (3) First Financial Bancorp, (4) First Merchants Corporation, (5) Independent Bank Corp. (Massachusetts) and (6) Trustmark Corporation);

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the historical range of trading prices of Old National common stock for the 52-week period ending November 22, 2024;

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analyst share price targets for Old National common stock in recently published, publicly available research analysts’ reports, with share price targets ranging from $21.00 to $26.00 and noting a