Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 117

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 117
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 20.0% to the closing price of Cadence common stock of $36.49 on October 24, 2025. This analysis indicated a range of implied equity values per share of Cadence common stock of $40.14 to $43.79, compared to the closing price of Cadence common stock of $36.49 on October 24, 2025, and the Implied Exchange Ratio Value Per Share of $39.77. Pro Forma Analyses Illustrative Implied Exchange Ratio Analysis Utilizing the approximate implied per share equity value derived for Huntington and Cadence by application of the high and low ends of the relevant reference ranges selected for Huntington and Cadence indicated in each of the selected publicly traded companies analyses, dividend discount analyses, and selected precedent transaction analysis summarized in this section under the heading “– Summary of Evercore’s Financial Analyses”, as well as, for reference only, the equity research analysts’ price targets and 52-week trading range analysis summarized in this section under the heading “– Other Factors”, in each case as described above and assuming 100% stock consideration consisting entirely of Huntington common stock, Evercore calculated the following ranges of implied exchange ratios, as compared to (i) 2.271x, the exchange ratio implied based on the closing prices of Huntington common stock and Cadence common stock on October 24, 2025 and (ii) 2.475x, the exchange ratio pursuant to the merger agreement:

| Methodology                             |     | Implied Exchange Ratio |
| Selected Publicly Traded Companies      |     |                        |
| P / 2026E EPS                           |     | 1.780x – 2.371x        |
| P / TBVPS                               |     | 1.860x – 2.711x        |
| Regression Analysis                     |     |                        |
| P / TBVPS vs. ROATCE Regression         |     | 1.860x – 2.623x        |
| Discounted Dividend                     |     |                        |
| Terminal Multiple Method                |     | 2.154x – 2.821x        |
| For Reference Only                      |     |                        |
| Selected Precedent Transaction          |     |                        |
| Transaction Value / Forward Earnings    |     | 2.249x – 2.886x        |
| Transaction Value / TBV                 |     |