Company: CMA
Filing Date: 2025-11-25
Form Type: DEFM14A
Source: 0001193125-25-297173
Chunk: 130

Company: COMERICA INC
Filing Date: 2025-11-25
Form: DEFM14A
Chunk 130
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 in all-stockacquisition transactions announced during the period since January 1, 2015 through October 5, 2025 involving a publicly traded banks based in the United States as the target, where the disclosed transaction value was greater than $500 million (excluding mergers of equals). For the entire period, using publicly available information, Goldman Sachs calculated the 25th percentile and 75th percentile premiums of the price paid in such transactions relative to the target’s last undisturbed closing stock price prior to announcement of the transaction. This analysis indicated a 25th percentile premium of 7.0% and 75th percentile premium of 22.0% across the entire period. Using this analysis, Goldman Sachs applied a reference range of illustrative premiums of 7.0% to 22.0% to the undisturbed closing price per share of Comerica common stock of $70.55 as of October 3, 2025 and calculated a range of implied price per share of Comerica common stock of $75.57 to $86.09. Illustrative Discounted Dividend Analysis: Fifth Third Standalone Using the Forecasts, Goldman Sachs performed an illustrative discounted dividend analysis for Fifth Third on a standalone basis, to derive a range of illustrative present values per share of Fifth Third common stock on a standalone basis. Using discount rates ranging from 11.5% to 13.5%, reflecting estimates of the cost of equity for Fifth Third on a standalone basis, Goldman Sachs derived a range of illustrative equity values for Fifth Third on a standalone basis by discounting to present value as of June 30, 2025, (a) the implied distributions to Fifth Third’s shareholders on a standalone basis over the period beginning June 30, 2025 through December 31, 2029, calculated using the Forecasts assuming at the direction of Fifth Third management that Fifth Third would make distributions of capital in excess of the amount necessary to achieve a target common equity tier 1 capital of 9.5%, including accumulated other comprehensive income (“AOCI”), and (b) a range of illustrative terminal values for Fifth Third on a standalone basis as of December 31, 2030, calculated by applying illustrative NTM Price/EPS multiples ranging from 9.5x to 12.5x to the estimate of Fifth Third’s terminal year net income on a standalone basis, as reflected in the Forecasts. Goldman Sachs derived the range of discount rates by application