Company: OSBC
Filing Date: 2025-04-23
Form Type: S-4
Source: 0001104659-25-037832
Chunk: 61

Company: OLD SECOND BANCORP INC
Filing Date: 2025-04-23
Form: S-4
Chunk 61
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 meeting, Bancorp Financial provided certain financial information and other information regarding its operations to Old Second. Old Second reviewed this information and completed an initial financial analysis with the input from its financial advisor, Piper Sandler & Co. (which we refer to as “Piper”). Bancorp Financial also continued to review publicly available information regarding Old Second’s operations and financial performance during this time.

Following its review of the diligence materials provided to it by Bancorp Financial, Old Second submitted a non-binding letter of intent, dated December 10, 2024, regarding its proposed acquisition of Bancorp Financial. Pursuant to the December 10, 2024 letter of intent, Old Second offered to pay $195.0 million to acquire Bancorp Financial, representing approximately 130% of Bancorp Financial’s tangible book value as of September 30, 2024. The proposed purchase price would consist of up to $48.8 million in cash and the remainder in shares of Old Second common stock, based on a fixed exchange ratio to be agreed upon by the parties. Such proposed purchase price would consist of approximately 25% cash and 75% Old Second stock. The letter of intent also noted that Old Second anticipated cashing out any currently outstanding Bancorp Financial options, restricted stock and other forms of equity-based employee compensation, and that Old Second was open to discussing the addition of a Bancorp Financial representative to Old Second’s board of directors.

Bancorp Financial’s management team and board of directors reviewed the December 10, 2024 letter of intent with KBW and Vedder Price. After reviewing the December 10, 2024 letter of intent, Bancorp Financial engaged in discussions and negotiation of the material terms contained in the December 10, 2024 letter of intent with Old Second.

On December 11, 2024, the executive committee of the board of directors of Old Second met to discuss the potential transaction with Bancorp Financial and to review the terms of the December 10, 2024 letter of intent.

Following further negotiations with Bancorp Financial, Old Second submitted a revised non-binding letter of intent on December 13, 2024.On December 16, 2024, Bancorp Financial’s management team met to review and analyze the updated letter of intent. During this meeting, Vedder Price reviewed various legal issues relating to a potential transaction, including regulatory approval requirements.

On December 17, 2024, the full board of directors of Old Second convened to further evaluate the proposed transaction with Banc