Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 89

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 89
---
ence and another financial institution, including Huntington. Mr. Rollins presented to the Cadence Board on the same topics he had discussed with the Executive Management Committee at its July 21, 2025 meeting. Mr. Rollins noted that Cadence and Huntington would continue to progress their mutual due diligence of each other and that the parties would seek to execute a mutual confidentiality agreement prior to proceeding to a more detailed stage of due diligence.

Over the course of July and August, representatives of each of Huntington management, the Huntington Board, Cadence management, and the Cadence Board met to familiarize themselves with each other’s institution, including their business approaches and the markets in which they operate.

On August 8, 2025, Cadence engaged Sullivan & Cromwell LLP (“Sullivan & Cromwell”) to assist in providing legal and regulatory advice regarding a potential strategic transaction.

On August 12, 2025, Huntington and Cadence executed a mutual confidentiality agreement in order to facilitate more detailed discussions of a potential business combination and reciprocal due diligence efforts. The confidentiality agreement contained a standstill provision binding on Huntington. Cadence did not enter into any exclusivity arrangements with Huntington. Starting on August 12, 2025, Cadence made available to Huntington, and starting on October 6, 2025, Huntington made available to Cadence, documents for mutual due diligence review. Through October 25, 2025, the parties engaged in mutual due diligence, including through a series of virtual due diligence meetings, telephone calls, and in-person management sessions between the parties and their respective representatives to discuss relevant topics.

On August 21, 2025, Mr. Steinour orally conveyed to Mr. Rollins a proposed merger consideration consisting of 2.348 shares of Huntington common stock for each share of Cadence common stock, which reflected a value of $39.12 per share of Cadence common stock, a 10.7% premium, based on the closing prices of Huntington and Cadence common stock on such date. The 30-day volume-weighted average price of Cadence common stock on such date was $35.25 per share. This offer implied a pro forma ownership of approximately 22% of Huntington for Cadence shareholders. Following evaluation of Mr. Steinour’s proposal by Cadence management in consultation with KBW, acting as Cadence's financial advisor, Mr. Rollins informed Mr. Steinour that the offer was insufficient, but agreed to continue discussions to see if the offer could be improved.

On