Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 90

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 90
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 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, the Cadence Board held a call to discuss, among other matters, the proposed transaction with Huntington, with members of the Executive Management Committee in attendance. Mr. Rollins provided the Cadence Board with updated financial information relating to changes in the market environment since the September 5, 2025 meeting. Mr. Rollins noted, among other things, that Cadence’s share price had

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experienced significant upward movement following the announcement of a merger between Fifth Third Bancorp and Comerica Incorporated and that Huntington’s stock had declined. This reflected general price movements of bank stocks viewed as buyers and sellers. Mr. Rollins also noted that KBW would be updating certain financial metrics reviewed with the Cadence Board to reflect the recent share price movements of Huntington and Cadence. Mr. Rollins then updated the Cadence Board on reverse due diligence matters. Following these discussions, the Cadence Board supported continued discussions with representatives of Huntington regarding a potential transaction.

On October 14, 2025, at a regularly scheduled joint meeting of the Huntington Board and the Huntington National Bank Board, members of Huntington management provided an update on the status of the transaction and due diligence. Management discussed the proposed economics of the transaction and related matters,