Company: CMA
Filing Date: 2025-12-18
Form Type: 425
Source: 0001193125-25-323441
Chunk: 8

Company: COMERICA INC
Filing Date: 2025-12-18
Form: 425
Chunk 8
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 Merger; Recommendation of the Comerica Board of Directorsand the likelihood of a transaction with another counterparty being consummated on
superior terms. The Comerica board of directors authorized Comerica’s
senior management, financial advisor and legal advisor to continue discussions with Fifth Third on the basis of the proposal. Following this meeting, on
September23, 2025, Mr. Farmer communicated to Mr. Spence Comerica’s willingness to negotiate the terms of the potential transaction

On September 25, 2025, Fifth Third’s board of directors met in a specially called
meeting. During this meeting, Mr. Spence provided an update regarding the potential acquisition of Comerica and his discussions with Mr. Farmer. Fifth Third management summarized the financial position and performance of Comerica, its
businesses, and the potential financial implications of a potential acquisition of Comerica, including the potential synergies and other benefits that could be realized, the cultural alignment between Fifth Third and Comerica and regulatory
considerations with respect to a potential acquisition. Mr. Spence presented an overview of the nonbinding indication of interest delivered to Comerica, including the contemplated form and amount of consideration and the governance of Fifth
Third following the potential acquisition. Mr. Spence also reviewed the opportunities presented by the transaction, including relating to the combined company’s potential footprint, revenue and expense synergies. The Fifth Third board of
directors also discussed the competitive landscape in which any potential acquisition would occur, the relative performance of Fifth Third and Comerica and the current bank regulatory environment. Following this discussion, the Fifth Third board of
directors directed Mr. Spence to continue to negotiate with Mr. Farmer.

On September 25, 2025, Fifth Third engaged Sullivan & Cromwell LLP, which we refer to as Sullivan & Cromwell, to assist
in providing legal and regulatory advice regarding Fifth Third’s potential acquisition of Comerica.

From September 25, 2025
through the execution of the merger agreement, representatives of Comerica and Fifth Third and their respective financial and legal advisors exchanged information regarding the Comerica and Fifth Third businesses and conducted mutual due diligence.

On September 26, 2025, representatives of Wachtell Lipton shared a draft merger agreement with representatives of
Sullivan & Cromwell. From this time through the execution of the merger agreement, representatives of both parties negotiated and finalized the terms of the merger agreement.

On
September