Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 153

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 153
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 60 day exclusivity provision.

Following execution of the non-binding indication of interest, CNB provided ESSA with a due diligence request list, and a virtual data room was established and populated by ESSA. ESSA also provided CNB with a reverse due diligence request list, and the virtual data room was populated with due diligence information regarding CNB. During November and December 2024, the parties conducted their due diligence reviews. This included a two-day meeting of the management teams from both companies on November 14 and 15, 2024.

On November 20, 2024, Hogan Lovells delivered to Luse Gorman a first draft of a merger agreement, which was provided to ESSA. Thereafter, and continuing through January 9, 2025, the parties and their counsel negotiated the terms of the merger agreement and related transaction documents, including the voting agreements and plan of bank merger, reflecting discussions between the parties regarding transaction terms.

By agreement dated December 6, 2024, ESSA and CNB extended the exclusivity period contained in the non-binding indication of interest to January 10, 2025.

At a regularly scheduled meeting of the ESSA Board of Directors on December 10, 2024, the ESSA Board of Directors was updated as to the status of due diligence and the negotiations of the merger agreement and related documents, and a special meeting of the ESSA Board of Directors was scheduled for January 9, 2025 to review, discuss and vote to approve a definitive merger agreement with CNB. In advance of the January 9, 2025 special meeting, the ESSA Board of Directors was provided with copies of the definitive transaction documents, as well as an overview of the principal terms of the definitive merger agreement.

In December 2024, CNB engaged Piper Sandler to provide a fairness opinion in connection with the proposed merger and entered into an engagement letter with Piper Sandler in early January 2025.

On January 9, 2025 the ESSA Board of Directors held a special meeting, at which representatives of PNC FIG Advisory and Luse Gorman were in attendance. At the special meeting, PNC FIG Advisory reviewed its financial analysis and rendered to the ESSA Board of Directors an opinion to the effect that, as of such date and subject to the procedures followed, assumptions made, matters considered and the qualifications and limitations on the review undertaken by it as set forth in its opinion,