Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 89

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 89
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 offer by Cadence management in consultation with KBW, Mr. Rollins informed Mr. Steinour that the offer was still insufficient, but agreed to continue negotiating the merger consideration with Mr. Steinour.

On September 4, 2025, Mr. Standridge, delivered to Mr. Rollins a letter of intent (the “Huntington LOI”), which included a non-binding term sheet that, among other things, contemplated an all-stock merger of Cadence and Huntington National Bank, the terms of which included merger consideration consisting of 2.475 shares of Huntington common stock for each share of Cadence common stock, which reflected a value of $44.25 per share of Cadence common stock, a 16.6% premium based on the closing prices of Huntington and Cadence common stock on such date. The 30-day volume-weighted average price of Cadence common stock on such date was $35.88 per share. This offer implied a pro forma ownership of approximately 23% of Huntington for Cadence shareholders.

On September 5, 2025, the Cadence Board held a call to evaluate the Huntington LOI. All members of the Executive Management Committee, and certain representatives of KBW and Sullivan & Cromwell attended the meeting. Representatives of KBW provided an overview of financial matters relating to the proposed transaction, which included discussion of pro forma financial scenarios under different merger consideration exchange ratios, including the 2.475 exchange ratio provided in the Huntington LOI; the competitive environment for banks in general and banks in Cadence’s markets; the transactional landscape in the banking industry, and trends in the banking industry. A representative of Sullivan & Cromwell then provided the Cadence Board with an overview of the fiduciary duties and other considerations applicable to their evaluation of any potential merger transaction and strategic options available to Cadence, as well as the timeline for a merger transaction. The Board indicated their support of continued discussions regarding a potential transaction with Huntington consistent with the terms set forth in the Huntington LOI, and moving forward with additional due diligence and transaction negotiations.

On September 9, 2025, a joint meeting of the Huntington Board and The Huntington National Bank board of directors (the “Huntington National Bank Board”) was held to discuss the potential transaction with Cadence, which members of management and representatives of Wachtell, Lipton, Rosen & Katz (“Wachtell Lipton”) and Evercore Group L.L.C. (“Evercore”) attended. At the meeting,