Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 128

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 128
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 any such related transaction, or otherwise. KBW’s opinion was necessarily based upon conditions as they existed and could be evaluated on the date of such opinion and the information made available to KBW through the date of such opinion. There has been significant volatility in the stock and other financial markets arising from global tensions and political division, economic uncertainty, recently announced actual

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or threatened imposition of tariff increases, inflation, and prolonged higher interest rates. Developments subsequent to the date of KBW’s opinion may have affected, and may affect, the conclusion reached in KBW’s opinion, and KBW did not and does not have an obligation to update, revise or reaffirm its opinion. KBW’s opinion did not address, and KBW expressed no view or opinion with respect to:

| • | the underlying business decision of Cadence to engage in the merger or enter into the merger agreement; |

| • | the relative merits of the merger as compared to any strategic alternatives that are, have been or may be available to or contemplated by Cadence or the Cadence board of directors; |

| • | the fairness of the amount or nature of any compensation to any of Cadence’s officers, directors or employees, or any class of such persons, relative to the compensation to the holders of Cadence common stock; |

| • | the effect of the merger or any related transaction on, or the fairness of the consideration to be received by, holders of any class of securities of Cadence (other than the holders of Cadence common stock, solely with respect to the exchange ratio as described in KBW’s opinion and not relative to the consideration to be received by holders of the outstanding preferred stock of Cadence or any other class of securities) or holders of any class of securities of Huntington or any other party to any transaction contemplated by the merger agreement; |

| • | the actual value of Huntington common stock to be issued in the merger; |

| • | the prices, trading range or volume at which Cadence common stock or Huntington common stock would trade following the public announcement of the merger or the prices, trading range or volume at which Huntington common stock would trade following the consummation of the merger; |

| • | any advice or opinions provided by any other advisor to any of the parties to the merger or any other transaction contemplated by the merger agreement; or |

| • | any legal, regulatory, accounting, tax or similar matters relating to Cadence, Huntington, their respective shareholders, or relating to or