Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 112

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 112
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 value as of October 24, 2025 using discount rates ranging from ranging from 11.0% to 13.0%, representing an estimate of Huntington’s cost of equity, as estimated by Evercore based on its professional judgment and experience, to derive a range of implied values per share of Huntington common stock on a standalone basis of $16.59 to $19.13, compared to the closing price of Huntington common stock of $16.07 on October 24, 2025. 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 low and high share price targets for Huntington common stock ranged from $15.00 to $23.00, compared to the closing price of Huntington common stock of $16.07 on October 24, 2025. Public market trading price targets published by equity research analysts do not necessarily reflect current market trading prices for the shares of Huntington 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 Huntington and future general industry and market conditions. 52-Week Trading Range Analysis Evercore reviewed historical trading prices of shares of Huntington 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 from $12.49 to $18.20 per share of Huntington common stock, compared to the closing price of Huntington common stock of $16.07 on October 24, 2025. Cadence Standalone Analyses Selected Publicly Traded Companies Analysis Evercore reviewed and compared certain financial information of Cadence to corresponding financial multiples and ratios for the following selected publicly traded companies in the banking industry:

| • | Western Alliance Bancorporation |

| • | Zions Bancorporation, National Association |

| • | Webster Financial Corporation |

| • | First Horizon Corporation |

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TABLE OF CONTENTS

| • | East West Bancorp, Inc. |

| • | UMB Financial Corporation |

| • | Old National Bancorp |

| • | Wintrust Financial Corporation |

| • | SouthState Bank Corporation |

| • | Valley National Banc