Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 112

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 112
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Based on the multiples it derived for the selected companies and its professional judgment and experience, Evercore applied: (i) a P / 2026E EPS multiple reference range of 9.5x to 11.5x to an estimate of Cadence’s EPS in calendar year 2026, as reflected in the Forecasts, and (ii) a P / TBVPS multiple reference range of 1.40x to 1.70x to Cadence’s TBVPS, as of September 30, 2025, to derive implied share price value reference ranges for Cadence. Based on these ranges of implied share prices, this analysis indicated a range of implied equity values per share of Cadence common stock as set forth in the table below, compared to the closing price of Cadence common stock of $36.49 on October 24, 2025 and the Implied Exchange Ratio Value Per Share of $39.77.

| Multiple Reference Range   |     | Implied Equity Values per 
 Share of Cadence          
 Common Stock              |
| P / 2026E EPS 9.5x – 11.5x |     | $32.38 – $39.20           |
| P / TBVPS 1.40x – 1.70x    |     | $31.95 – $38.79           |

Although none of these companies is directly comparable to Cadence, Evercore selected these companies because they are publicly traded companies in the banking industry with business characteristics that Evercore, in its professional judgment and experience, considered generally relevant for purposes of its financial analyses. In evaluating the selected companies, Evercore made judgments and assumptions with regard to general business, economic and market conditions affecting the selected companies and other matters, as well as differences in the selected companies’ financial, business and operating characteristics. Accordingly, an evaluation of the results of this analysis is not entirely mathematical. Rather, this analysis involves complex considerations and judgments

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regarding many factors that could affect the relative values of the selected companies and the multiples derived from the selected companies. Mathematical analysis, such as determining the mean or median, is not in itself a meaningful method of using the data of the selected companies. Regression Analysis Evercore performed a regression analysis using the P / TBVPS multiples for the selected companies observed by Evercore as described above under “— Cadence Standalone – Selected Publicly Traded Companies Analysis” compared to the 2026E