Company: ONBPP
Filing Date: 2025-01-14
Form Type: S-4
Source: 0001104659-25-003488
Chunk: 91

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-01-14
Form: S-4
Chunk 91
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 we refer to as the “Synergies”. At the direction of Bremer’s board of directors, such projections were also provided by Bremer management to J.P. Morgan and approved by Bremer management for J.P. Morgan’s use and reliance in the financial analyses performed in connection with J.P. Morgan’s opinion as described in this proxy statement/prospectus under the section entitled “— Opinion of J.P. Morgan, Bremer’s Financial Advisor”. For purposes of its analysis, J.P. Morgan was directed by Bremer management to assume estimated pre-tax annual cost savings of $111 million, phased in 50% in 2025 and 100% thereafter, with a 5% growth in annual cost savings starting in 2027. The total restructuring charge was estimated by Bremer management to be $194 million pre-tax ($153 million after tax), all assumed to be incurred at the closing of the mergers. The Synergies assumed a hypothetical June 30, 2025 closing date for the mergers. See above in this section for further information regarding the uncertainties underlying the synergy assumptions and estimates as well as the sections entitled “Cautionary Statement Regarding Forward-Looking Statements” and “Risk Factors” beginning on pages [ ] and [ ], respectively, for further information regarding the uncertainties and factors associated with realizing synergies in connection with the mergers. Interests of Bremer’s Directors and Executive Officers in the Mergers Under the merger agreement, the directors and executive officers of Bremer will receive the same merger consideration for their shares of Bremer common stock as other Bremer shareholders. In considering the recommendation of the Bremer board of directors that Bremer shareholders vote in favor of the proposal to approve the merger agreement, Bremer shareholders should be aware that the directors and executive officers of Bremer have certain interests in the transactions that are or may be different from, or in addition to, the interests of Bremer shareholders generally. The Bremer board of directors was aware of these interests and considered them, among other matters, in approving the merger agreement and the transactions contemplated by it, and in making their recommendation that Bremer shareholders approve and adopt the merger agreement. For further information, see “The Mergers — Background of the Mergers” and “The Mergers — Bremer’s Reasons for the Mergers; Recommendation of Bremer’s Board of Directors.” These interests are described in more detail below, and certain of them are quantified in the narrative below. Directors Shareholder Voting