Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 116

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 116
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 Interstate BancSystem, Inc.      |     | Great Western Bancorp, Inc.       |
| 7/28/2021      |     | Citizens Financial Group, Inc.         |     | Investors Bancorp, Inc.           |
| 2/22/2021      |     | M&T Bank Corporation                   |     | People’s United Financial, Inc.   |
| 12/13/2020     |     | Huntington Bancshares Incorporated     |     | TCF Financial Corporation         |
| 6/17/2019      |     | Prosperity Bancshares, Inc.            |     | LegacyTexas Financial Group, Inc. |
| 7/24/2018      |     | Synovus Financial Corp.                |     | FCB Financial Holdings, Inc.      |

71

TABLE OF CONTENTS

| Date Announced |     | Acquirer            |     | Target             |
| 5/21/2018      |     | Fifth Third Bancorp |     | MB Financial, Inc. |

For each selected transaction, Evercore calculated the equity value implied by the selected transaction (“Transaction Value”) as a multiple of each of: (i) estimated earnings of the target company in the fiscal year following the announcement date, calendarized to a December 31 fiscal year end (which is referred to as “Transaction Value / Forward Earnings”), and (ii) TBV of the target company as of the target company’s most recently completed fiscal quarter for which TBV information was publicly available as of the announcement date for each respective selected transaction (which is referred to as “Transaction Value / TBV”). Estimated financial data the target companies or businesses reviewed in the selected transactions were based on publicly available research analysts’ estimates. Based on the multiples it derived from the selected transactions and its professional judgment and experience, Evercore applied (i) a Transaction Value / Forward Earnings multiple reference range of 12.0x to 14.0x to Cadence’s 2026E EPS, as reflected in the Forecasts, and (ii) a Transaction Value / TBV multiple reference range of 1.50x to 2.20x to Cadence’s TBVPS to derive implied share price value reference ranges for Cadence. This analysis indicated a range of implied equity values per share of Cadence common stock as set forth in the table below, compared to the closing price of Cadence common stock of $36.49 on October 24, 2025,