Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 116

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 116
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 relative values of the target companies or businesses in the selected transactions and the multiples derived from the selected transactions. Mathematical analysis, such as determining the mean or median, is not in itself a meaningful method of using the data of the selected transactions. Other Factors Evercore also noted certain other factors, which were not considered material to its financial analyses with respect to its opinion, but were referenced for informational purposes only, including, among other things, the following: Equity Research Analysts’ Price Targets Evercore reviewed selected publicly available share price targets of research analysts’ estimates known to Evercore as of October 24, 2025, noting that the low and high share price targets for Cadence common stock ranged from $38.00 to $47.00, 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. Public market trading price targets published by equity research analysts do not necessarily reflect current market trading prices for the shares of Cadence common stock and these target prices and the analysts’ earnings estimates on which they were based are subject to risk and uncertainties, including factors affecting the financial performance of Cadence and future general industry and market conditions. 52-Week Trading Range Analysis Evercore reviewed historical trading prices of shares of Cadence common stock during the 52-week period ended October 24, 2025, noting that low and high prices (based on closing prices) during such period ranged

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TABLE OF CONTENTS

from $26.42 to $39.77 per share of Cadence common stock, 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. Premia Paid Analysis Using publicly available information, Evercore reviewed certain selected acquisition transactions involving publicly traded companies in the banking industry with a transaction equity value between $2.0 billion and $15.0 billion that were announced since 2018 (excluding distressed transactions, mergers-of equals and sales of foreign-owned subsidiaries). Using publicly available information, Evercore calculated the premium paid in each transaction as the percentage by which the per share consideration paid or proposed to be paid in each such transaction exceeded the unaffected prices per share of the target companies prior to announcement of each transaction. Based on the results of this analysis and its professional judgment and experience, Evercore applied a premium range of 10.0% to