Company: ONBPP
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001104659-25-007256
Chunk: 76

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-01-29
Form: S-4/A
Chunk 76
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 loan and lease portfolios and, accordingly J.P. Morgan did not make an independent evaluation of the adequacy of allowances for loan and lease losses of Bremer or Old National with respect to their loan and lease portfolios and assumed, with Bremer’s consent, that the respective allowances for loan and lease losses for both Bremer and Old National were adequate to cover such losses and will be adequate on a pro forma basis for the combined entity. In relying on financial analyses and forecasts provided to J.P. Morgan or derived therefrom, including the Synergies, J.P. Morgan assumed that they were reasonably prepared based on assumptions reflecting the best currently available estimates and judgments by Bremer management as to the expected future results of operations and financial condition of Bremer and Old National to which such analyses or forecasts relate. J.P. Morgan expressed no view as to such analyses or forecasts (including the Synergies) or the assumptions on which they were based. In addition, J.P. Morgan assumed, with Bremer’s consent, that Old National’s proposed issuance of approximately $400 million of additional equity securities to certain investors would be consummated on the terms and conditions and in the time frame described by Bremer management (which terms and conditions included a $60 million greenshoe and a $16 million underwriting spread resulting in net cash proceeds to Old National of $444 million assuming full exercise of the greenshoe (such issuance of equity securities, the “Capital Raise”)). J.P. Morgan also assumed that the mergers and the other transactions contemplated by the merger agreement will qualify as a tax-free reorganization for United States federal income tax purposes and will be consummated as described in the merger agreement, and that the definitive merger agreement would not differ in any material respects from the draft thereof furnished to J.P. Morgan. J.P. Morgan also assumed that the representations and warranties made by Bremer, Old National and ONB Merger Sub in the merger agreement and the related agreements were and will be true and correct in all respects material to J.P. Morgan’s analysis. J.P. Morgan is not a legal, regulatory or tax expert and has relied on the assessments made by advisors to Bremer with respect to such issues. J.P. Morgan further assumed that all material governmental, regulatory or other consents and approvals necessary for the consummation of the mergers will be obtained without any adverse effect on Bremer or Old National or on the contemplated benefits of the mergers.

The Bremer management projections (as defined in the section entitled “