Company: ONBPP
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001104659-25-007256
Chunk: 71

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-01-29
Form: S-4/A
Chunk 71
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 of outside financial and legal advisors, and the Bremer board of directors’ firm belief that the mergers with Old National were the best option available to Bremer and its shareholders;

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the value of the merger consideration to Bremer shareholders, including that Old National had the only actionable proposal following a robust process in which 12 potential counterparties were solicited and five counterparties entered confidentiality agreements, participated in the diligence process and were invited to submit proposals;

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that the process resulted in a transaction that was agreed by the trustees of the Otto Bremer Trust, and the fact that because the Otto Bremer Trust is the owner of 85.96% of the outstanding Bremer common stock and because Old National’s proposal was conditioned on the Otto Bremer Trust agreeing to the proposal, a transaction would not be achievable without the Otto Bremer Trust’s agreement;

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a review of the prospects and risks of Bremer continuing to operate as a standalone entity majority owned by the Otto Bremer Trust, challenges accompanying ongoing employee uncertainty and risks of the current and anticipated operating environment;

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the unanimous recommendation of the working group that Bremer pursue the mergers with Old National;

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the cash component of the merger consideration, which offers Bremer shareholders the opportunity to realize cash for a portion of the value of their shares of Bremer common stock with immediate certainty of value;

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the stock component of the merger consideration, which provides Bremer shareholders with a publicly-traded, liquid security and the opportunity to participate as shareholders of Old National in the future earnings, performance and growth opportunities of the combined company, which will be a larger, more diversified banking franchise;

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the anticipated pro forma financial impact of the mergers on the combined company, including future profitability and the balance sheet and liquidity profile of the combined company;

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the business, earnings, financial condition, credit quality, capital levels, management, culture, stock performance and prospects of Old National, taking into account the favorable results of Bremer’s due diligence of Old National and the approximately $444 million of additional common equity raised by Old National substantially concurrently with the announcement of the transaction;

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the complementary aspects of the businesses and cultures of Bremer and Old National, geographic dispersion of Bremer’s and Old National’s branch offices compared to Bremer’s current branch network, business lines and compatibility of management philosophies with respect to credit quality and commitment to community banking in underserved rural markets;

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that Bremer and Old National have comparable reputations in