Company: CMA
Filing Date: 2025-12-18
Form Type: 425
Source: 0001193125-25-323441
Chunk: 6

Company: COMERICA INC
Filing Date: 2025-12-18
Form: 425
Chunk 6
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Following
these exploratory conversations and receipt of Financial Institution A’s proposals, the Comerica board of directors held multiple meetings , together with representatives of J.P. Morgan and Wachtell Lipton. Members of Comerica’s senior
management and J.P. Morgan provided their views on the discussions with

Financial Institution A, including the implied valuation of Comerica, the consideration discussed, the rationale and strategy, the potential benefits and drawbacks of a business combination transaction with Financial Institution A as compared to alternatives available to Comerica, including a
potential transaction with Fifth Third, other potential counterparties to a business combination transaction and the potential benefits and drawbacks of pursuing a transaction with such alternative parties. the Comerica board of directors concluded that such proposals made by Financial Institution A were preliminary and were not likely to be more attractive than the consideration that could be offered by another
counterparty, including Fifth Third. The Comerica board of directors discussed alternative potential counterparties to a business combination transaction
and, following discussion, including based on the strategic factors outlined in the section entitled
“Comerica’s Reasons for the Merger; Recommendation of the Comerica Board of Directors” , determined that Fifth Third would be the optimal merger counterparty to a business combination transaction if
Fifth Third were to make a proposal which appropriately valued Comerica, and authorized senior management to engage with Fifth Thirdfurther.

On September 18, 2025, Mr. Farmer called Mr. Spence and indicated to Mr. Spence that the Comerica board of directors was
exploring a potential strategic transaction and inquired as to whether Fifth Third would be prepared to pursue a potential transaction. The following day, Mr. Spence and Mr. Farmer met in Dallas, Texas to discuss a potential strategic
transaction, including the value creation opportunities in a potential transaction, the complementarity of the two companies’ lines of business and the compatibility of the companies’ respective cultures. Mr. Farmer and
Mr. Spence also discussed the relative growth of the largest U.S. banks compared to U.S. regional banks, the current bank regulatory environment and their views on their respective businesses. At the conclusion of this meeting, Mr. Spence
indicated to Mr. Farmer that he would update members of the Fifth Third board of directors on their discussions. Later that day Fifth Third asked Goldman Sachs to assist Fifth Third in its evaluation of a potential acquisition of Comerica.

On September 22, 2025, Mr