Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 88

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 88
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5, 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 August 28 and August 29, 2025, Mr. Steinour, Mr. Brant Standridge, Huntington’s President, Consumer and Regional Banking and Senior Executive Vice President, and Mr. Zachary Wasserman, Huntington’s Chief

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Financial Officer and Senior Executive Vice President met with Mr. Rollins and Ms. Valerie Toalson, Cadence’s President of Banking Services and Chief Financial Officer, in person and virtually, to discuss the potential business combination between Huntington and Cadence and the prospective terms of such a transaction, focusing on the proposed exchange ratio.

On September 2, 2025, Mr. Steinour orally conveyed to Mr. Rollins a revised merger consideration consisting of 2.430 shares of Huntington common stock for each share of Cadence common stock, which reflected a value of $42.96 per share of Cadence common stock, a 14.6% 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 $35.74 per share. This offer implied a pro forma ownership of approximately 22% of Huntington for Cadence shareholders. Following evaluation of the revised