Company: CMA
Filing Date: 2025-11-25
Form Type: DEFM14A
Source: 0001193125-25-297173
Chunk: 114

Company: COMERICA INC
Filing Date: 2025-11-25
Form: DEFM14A
Chunk 114
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 Third’s voting shareholders approve the Fifth Third stock issuance.

78

On October 5, 2025, the Comerica board of directors held a meeting. Representatives of J.P. Morgan, Wachtell Lipton and KBW were present at the meeting. Representatives of Wachtell Lipton reviewed the Comerica board of directors’ fiduciary duties and the final terms of the merger agreement and other transaction documentation. Representatives of J.P. Morgan reviewed the financial aspects of the business combination with Fifth Third at the proposed exchange ratio. Following extensive discussion and questions and answers, J.P. Morgan rendered its oral opinion to the Comerica board of directors, which was subsequently confirmed by delivery of a written opinion, dated October 5, 2025, to the effect that, as of the date of such opinion and based upon and subject to the various assumptions, limitations, qualifications and other matters set forth in the written opinion, the exchange ratio in the proposed first merger was fair, from a financial point of view, to the holders of Comerica common stock. See the section entitled “— Opinion of Comerica’s Financial Advisor” for more information. After considering the proposed terms of the merger agreement and the mergers and the various presentations made to the Comerica board of directors by its financial and legal advisors, and taking into consideration the matters discussed during the meeting and prior meetings of the Comerica board of directors, including consideration of the factors described under “— Comerica’s Reasons for the Merger; Recommendation of the Comerica Board of Directors,” the Comerica board of directors determined that the merger agreement and the transactions contemplated by the merger agreement were advisable and in the best interests of Comerica and its stockholders, resolved to approve the merger agreement and the transactions contemplated by the merger agreement (including the mergers), to authorize management to execute the merger agreement, to submit the merger agreement to a vote of Comerica stockholders, and to recommend to Comerica’s stockholders that they adopt the merger agreement. Later on October 5, 2025, Comerica and Fifth Third executed the merger agreement. On October 6, 2025, prior to the start of trading, Comerica and Fifth Third issued a joint press release to publicly announce the execution of the merger agreement. Fifth Third Reasons for the Mergers; Recommendation of Fifth Third’s Board of Directors After careful consideration, the Fifth Third board of directors, at a special meeting held on