Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 118

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 118
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 industry and market conditions. 52-Week Trading Range Analysis Evercore reviewed historical trading prices of shares of Cadence common stock during the 52-week period ended October 24, 2025, noting that low and high prices (based on closing prices) during such period ranged

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TABLE OF CONTENTS

from $26.42 to $39.77 per share of Cadence common stock, 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. Premia Paid Analysis Using publicly available information, Evercore reviewed certain selected acquisition transactions involving publicly traded companies in the banking industry with a transaction equity value between $2.0 billion and $15.0 billion that were announced since 2018 (excluding distressed transactions, mergers-of equals and sales of foreign-owned subsidiaries). Using publicly available information, Evercore calculated the premium paid in each transaction as the percentage by which the per share consideration paid or proposed to be paid in each such transaction exceeded the unaffected prices per share of the target companies prior to announcement of each transaction. Based on the results of this analysis and its professional judgment and experience, Evercore applied a premium range of 10.0% to 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)