Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 105

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 105
---
 and subject to the assumptions, limitations, qualifications and conditions described in Evercore’s written opinion, the exchange ratio pursuant to the merger was fair, from a financial point of view, to Huntington. The full text of the written opinion of Evercore, dated October 26, 2025, which sets forth, among other things, the procedures followed, assumptions made, matters considered and qualifications and limitations on the scope of review undertaken in rendering its opinion, is attached as Annex B and is incorporated herein by reference into this joint proxy statement/prospectus in its entirety. The summary of the opinion of Evercore set forth below is qualified in its entirety by reference to the full text of the written opinion. You are urged to read Evercore’s opinion carefully and in its entirety. Evercore’s opinion was addressed to, and provided for the information and benefit of, the Huntington board of directors (solely in its capacity as such) in connection with its evaluation of the proposed merger. The opinion does not constitute a recommendation to the Huntington board of directors or to any other persons in respect of the merger, including as to how any holder of shares of Huntington common stock should vote or act in respect of the merger. Evercore’s opinion does not address the relative merits of the merger as compared to other business or financial strategies that might be available to Huntington, nor does it address the underlying business decision of Huntington to engage in the merger . In connection with rendering its opinion, Evercore, among other things:

| • | reviewed certain publicly available business and financial information relating to Cadence and Huntington that Evercore deemed to be relevant, including publicly available research analysts’ estimates; |

| • | reviewed certain internal projected financial data relating to Cadence and furnished to us by the management of Huntington and certain internal projected financial data relating to Huntington prepared and furnished to us by the management of Huntington, each as approved for Evercore’s use by Huntington (the “Forecasts”), including certain operating synergies prepared by the management of Huntington expected to result from the merger, as approved for Evercore’s use by Huntington (the “Synergies”); |

| • | discussed with the managements of Huntington and Cadence their assessment of the past and current operations of Cadence, the current financial condition and prospects of Cadence and the Forecasts relating to Cadence, and discussed with the management of Huntington their assessment of the past and current operations of Huntington, the current financial condition and prospects of Huntington, and the Forecasts; |

| • | reviewed the reported prices