Company: HBAN
Filing Date: 2025-07-21
Form Type: S-4
Source: 0001140361-25-026508
Chunk: 57

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-07-21
Form: S-4
Chunk 57
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 and Simpson Thacher. Mr. Holland discussed with the Veritex Board Executive Committee the timeline of discussions with Company B and the rationale for a business combination transaction with a larger peer, such as Company B. A representative of KBW reviewed with the Veritex Board Executive Committee the current economic environment, Veritex’s and Company B’s respective market valuations and other illustrative financial and valuation information, the potential business combination transaction with Company B and the potential of there being other partners for a business combination transaction. The Veritex Board Executive Committee discussed challenges resulting from the competitive environment, Veritex’s funding mix, and the potential benefits and risks of a business combination transaction with Company B relative to Veritex’s available alternatives, including pursuing its standalone plan or a combination with a similarly sized peer. Following the discussion, the Veritex Board Executive Committee recommended that the Company B LOI and possible business combination transaction with Company B be brought before the Veritex Board for consideration.

On March 19, 2025, Company A delivered to Veritex a letter (which we refer to as the “Company A Letter”) expressing interest in a business combination transaction with Veritex that, among other things, contemplated an all-stock transaction in which Company A was the acquirer and offered a 25% premium to Veritex’s stock price, which reflected a value of $30.86 per share of Veritex common stock as of the close of business on such date (based on the then-current stock price of Company A). Thereafter, on March 19 and 20, 2025, Mr. Holland discussed the Company A Letter with representatives of KBW and Simpson Thacher and briefed the Veritex Board Executive Committee.

On March 25, 2025, the Veritex Board held a special meeting, which was also attended by members of Veritex’s management and representatives of KBW and Simpson Thacher. Mr. Holland discussed with the Veritex Board the timeline of discussions with Company A and Company B, the rationale for and against a business combination transaction with a larger partner, such as Company A, and a smaller partner, such as Company B, and details about Company A and Company B. A representative of KBW reviewed with the Veritex Board Executive Committee the current economic environment, Veritex’s, Company A’s and Company B’s respective market valuations and other illustrative financial and valuation information (including regarding the pro forma combined company in a merger with Company A