Company: MCHB
Filing Date: 2025-07-15
Form Type: S-4/A
Source: 0001140361-25-025920
Chunk: 207

Company: Mechanics Bancorp
Filing Date: 2025-07-15
Form: S-4/A
Chunk 207
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On February 27, 2025, the HomeStreet board held a meeting. Advisers from KBW and S&C attended the meeting. At the meeting, Mr. Mason informed the HomeStreet board that Mechanics had indicated that it was making substantial progress on its due diligence and that no significant issues had surfaced in either party’s due diligence. S&C provided an update regarding its interactions with Mechanics’ counsel and the status of the proposed transaction’s definitive documentation. KBW then shared its views on the progress of the transaction, noting that Mechanics was expending considerable resources on due diligence. KBW discussed that its team was actively developing the analysis that would underlie its fairness opinion regarding the transaction and that the KBW team was receiving the necessary cooperation from all parties on information requests.

Also on February 27, 2025, the Mechanics board held a meeting. At the meeting, members of Mechanics’ management provided an update on the status of the negotiations. Members of Mechanics’ management and the Mechanics board discussed the terms of the proposed transaction, the status of Mechanics’ and HomeStreet’s due diligence and the potential timeline for the negotiation of definitive transaction documentation.

On March 5, 2025, the HomeStreet board held a special meeting. At the meeting, the HomeStreet board discussed, among other things, the importance of keeping leadership focused on negotiating definitive transaction documentation with respect to the proposed transaction with Mechanics. On March 10, 2025, representatives of Wachtell Lipton provided a draft of a proposed registration rights agreement to be effective upon, and subject to, the closing of the potential transaction, to legal counsel for Rabobank, a holder of Mechanics voting common stock and Mechanics non-voting common stock, which would replace the existing shareholders agreement among Rabobank, the Ford Entities, Mechanics, and certain of their respective affiliates effective upon the closing of the potential transaction. Through March 28, 2025, Rabobank, Mechanics, HomeStreet and their respective counsel exchanged several drafts of the registration rights agreement and negotiated the terms of the registration rights agreement.

Also on March 10, 2025, representatives of Wachtell Lipton provided a draft of the consulting agreement to be effective upon, and subject to, the closing of the potential transaction, to representatives of S&C. Through March 28, 2025, the consulting agreement was negotiated by representatives of HomeStreet, Mechanics, S&C and Wachtell Lipton.

Over the following weeks, representatives of HomeStreet, Mechanics,