Company: NWBI
Filing Date: 2025-02-24
Form Type: 424B3
Source: 0001193125-25-033488
Chunk: 47

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-24
Form: 424B3
Chunk 47
---
3 million in a
registered at-the-market offering. Although the registered offering provided supplemental capital to continue to fund loan growth and maintain solid capital levels,
management and the board recognized that funding continued growth by means of common equity offerings could have the effect of diluting existing shareholders, including any potential adverse effects on book value or tangible book value per share.

In that context, Penns Woods’ board of directors continued its focus on, and commitment to, continued growth, while also continuing
to be receptive to considering a business combination transaction that would enhance shareholder value.

31

On September 11, 2024, representatives of Penns Woods’ financial advisor,
Stephens, met with members of senior management of Northwest. At this meeting, Penns Woods was discussed extensively as a potential business combination target and, at the conclusion of the meeting, the Northwest management representatives requested
that Stephens connect the parties for further discussion if Penns Woods had an interest in exploring a potential transaction. Penns Woods agreed to continue the discussion.

On September 13, 2024, Penns Woods and Northwest executed a standard mutual nondisclosure agreement.

During the last two weeks of September 2024, Penns Woods shared some preliminary information with Northwest and its financial advisor and
began to populate a virtual data room for due diligence purposes.

On October 6 and October 7, 2024, the senior management teams
of Penns Woods and Northwest met in Pittsburgh, Pennsylvania for a series of meetings that were primarily due diligence in nature.

Due
diligence and management discussions continued for the following two weeks.

On October 21, 2024, Northwest presented Penns Woods
with a non-binding indication of interest letter providing for, among other things, an all-stock merger transaction and an exchange ratio of 2.35 shares of Northwest
common stock for each share of Penns Woods common stock.

On October 24, 2024, following some additional discussion through the
parties’ financial advisors, Northwest presented Penns Woods with a revised a non-binding indication of interest letter, which increased the exchange ratio to 2.385 shares of Northwest common stock for
each share of Penns Woods common stock. The revised non-binding indication of interest letter was distributed to the board, and, following board review and authorization on October 29, 2024,
Mr. Grafmyre executed the non-binding indication of interest letter on behalf of Penns Woods on October 29, 2024.

On November 18,