Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 91

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 91
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 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, Mr. Steinour and members of Huntington management updated the boards regarding the background of the discussions with Cadence and provided an overview of preliminary due diligence findings and discussions with Cadence management that had occurred to date. Representatives of Evercore and Huntington management discussed the preliminary financial model and market analysis. Mr. Steinour then discussed the expected timeline and process for diligence as well as for the communications plan. Following these discussions, the Huntington Board supported continued discussions with representatives of Cadence regarding a potential transaction.

On September 21 and 22, 2025, representatives of each of Huntington management and Cadence management met in person, to discuss the synergies, opportunities and other benefits that could be realized through a potential business combination between Huntington and Cadence.

On September 26, 2025, Huntington’s counsel, Wachtell Lipton, shared with Sullivan & Cromwell a first draft of the proposed merger agreement, which contemplated an all-stock merger consistent with the Huntington LOI. From September 26, 2025, until October 25, 2025, Huntington’s and Cadence’s legal advisors negotiated the terms of, and exchanged drafts of, the merger agreement and related documentation.

On October 10, 2025