Company: HBAN
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001140361-25-029894
Chunk: 58

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-08-08
Form: S-4/A
Chunk 58
---
uing each share of Veritex common stock at $26.23-$27.43 (based on the then-current stock price of Company B), which represented a premium of 10%-15% of Veritex’s current stock price, and requested eight weeks of exclusivity. Thereafter, on March 13, 2025, Mr. Holland and Mr. Earley discussed the Company B LOI with representatives of Keefe, Bruyette & Woods, Inc. (which we refer to as “KBW”), Veritex’s financial advisor, and Simpson Thacher & Bartlett LLP (which we refer to as “Simpson Thacher”), Veritex’s legal counsel. Mr. Holland then called a special meeting of the Veritex Board Executive Committee to discuss the Company B LOI.

On March 18, 2025, the Veritex Board Executive Committee held a special meeting, which was also attended by members of Veritex’s management and representatives of KBW and Simpson Thacher. Mr. Holland discussed with the Veritex Board Executive Committee the timeline of discussions with Company B and the rationale for a business combination transaction with a larger peer, such as Company B. A representative of KBW reviewed with the Veritex Board Executive Committee the current economic environment, Veritex’s and Company B’s respective market valuations and other illustrative financial and valuation information, the potential business combination transaction with Company B and the potential of there being other partners for a business combination transaction. The Veritex Board Executive Committee discussed challenges resulting from the competitive environment, Veritex’s funding mix, and the potential benefits and risks of a business combination transaction with Company B relative to Veritex’s available alternatives, including pursuing its standalone plan or a combination with a similarly sized peer. Following the discussion, the Veritex Board Executive Committee recommended that the Company B LOI and possible business combination transaction with Company B be brought before the Veritex Board for consideration.

On March 19, 2025, Company A delivered to Veritex a letter (which we refer to as the “Company A Letter”) expressing interest in a business combination transaction with Veritex that, among other things, contemplated an all-stock transaction in which Company A was the acquirer and offered a 25% premium to Veritex’s stock price, which reflected a value of $30.86 per share of Veritex common stock as of the close of business on such date (based on the then-current stock