Company: CMA
Filing Date: 2025-11-25
Form Type: DEFM14A
Source: 0001193125-25-297173
Chunk: 80

Company: COMERICA INC
Filing Date: 2025-11-25
Form: DEFM14A
Chunk 80
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, Fifth Third and Comerica have agreed to operate their respective businesses in
the ordinary course prior to the closing, and each party is restricted from making certain acquisitions and taking other specified actions without the consent of the other party until the first merger is completed. These restrictions may prevent
Fifth Third and/or Comerica from pursuing attractive business opportunities that may arise prior to the completion of the first merger. See “The Merger Agreement — Covenants and Agreements” beginning on page 124 for a
description of the restrictive covenants applicable to Fifth Third and Comerica.

The merger agreement contains provisions that could discourage a potential competing acquirer that might be willing to pay more to acquire or merge with either Fifth Third or Comerica.

The merger agreement
contains provisions that restrict each of Fifth Third’s and Comerica’s ability to, among other things, initiate, solicit, knowingly encourage or knowingly facilitate, inquiries or proposals with respect to, or, subject to certain
exceptions generally related to the exercise of fiduciary duties by each respective board of directors, engage or participate in any negotiations concerning, or provide any confidential or nonpublic information or data relating to, any alternative
acquisition proposals. These provisions, which include a $500,000,000 termination fee payable under certain circumstances, might discourage a potential competing acquirer that might have an interest in acquiring all or a significant part of Fifth
Third or Comerica from considering or proposing that acquisition even if, in the case of a potential acquisition of Comerica, it were prepared to pay consideration with a higher per share price to Comerica stockholders than what is contemplated in
the merger agreement, or might result in a potential competing acquirer proposing to pay a lower per share price to acquire Fifth Third or Comerica than it might otherwise have proposed to pay. For more information, see “The Merger Agreement — Agreement Not to Solicit Other Offers” and “The Merger Agreement — Shareholder and Stockholder Meetings and Recommendation of Comerica’s and Fifth Third’s Boards of Directors”
beginning on pages 132 and 131, respectively.

54

The shares of Fifth Third common stock to be received by holders of Comerica common stock as a result of the first merger will have different rights from the shares of Comerica common stock.

In the first merger, holders of Comerica common stock
will become holders of Fifth Third common stock and their rights as shareholders will be governed by Ohio law and the governing documents