Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 115

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 115
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 a December 31 fiscal year end (which is referred to as “Transaction Value / Forward Earnings”), and (ii) TBV of the target company as of the target company’s most recently completed fiscal quarter for which TBV information was publicly available as of the announcement date for each respective selected transaction (which is referred to as “Transaction Value / TBV”). Estimated financial data the target companies or businesses reviewed in the selected transactions were based on publicly available research analysts’ estimates. Based on the multiples it derived from the selected transactions and its professional judgment and experience, Evercore applied (i) a Transaction Value / Forward Earnings multiple reference range of 12.0x to 14.0x to Cadence’s 2026E EPS, as reflected in the Forecasts, and (ii) a Transaction Value / TBV multiple reference range of 1.50x to 2.20x to Cadence’s TBVPS to derive implied share price value reference ranges for Cadence. This analysis indicated a range of implied equity values per share of Cadence common stock as set forth in the table below, 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.

| Multiple Reference Range                           |     | Implied Equity Values per 
 Share of Cadence          
 Common Stock              |
| Transaction Value / Forward Earnings 12.0x – 14.0x |     | $40.90 – $47.72           |
| Transaction Value / TBV 1.50x – 2.20x              |     | $34.23 – $50.20           |

Although none of the target companies or businesses reviewed in the selected transactions analysis is directly comparable to Cadence and none of the selected transactions is directly comparable to the merger, Evercore selected these transactions because they involve companies or businesses that Evercore, in its professional judgment and experience, considered generally relevant for purposes of its financial analyses. In evaluating the selected transactions, Evercore made judgments and assumptions with regard to general business, economic and market conditions and other factors existing at the time of the selected transactions, and other matters, as well as differences in financial, business and operating characteristics and other factors relevant to the target companies or businesses in the selected transactions. Accordingly, an evaluation of the results of this analysis is not entirely mathematical. Rather, this analysis involves complex considerations and judgments regarding many factors that could affect the