Company: HBAN
Filing Date: 2025-07-21
Form Type: S-4
Source: 0001140361-25-026508
Chunk: 61

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-07-21
Form: S-4
Chunk 61
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 support for continuing to explore whether a potential business combination transaction was feasible and desirable and directed Mr. Holland and other members of Veritex management, with the assistance of KBW and Simpson Thacher, to continue their discussions and negotiations with Huntington and its advisors regarding such a transaction, including seeking a higher exchange ratio.

On June 24, 2025, following the Veritex Board meeting, Mr. Holland called Mr. Steinour and relayed to Mr. Steinour the guidance of the Veritex Board, including in respect of exchange ratio. Messrs. Holland and Steinour discussed the financial merits of the potential business combination transaction and the exchange ratio. As a result of those discussions, Mr. Steinour informed Mr. Holland that Mr. Steinour expected to be able to deliver an improved exchange ratio of 1.95 shares of Huntington common stock for each share of Veritex common stock, subject to approval of the Huntington Board, which reflected a value of $30.81 per share of Veritex common stock based on the closing price of Huntington common stock on such date. Mr. Holland advised Mr. Steinour that he believed a 1.95 exchange ratio would be satisfactory to the Veritex Board. Messrs. Holland and Steinour agreed to relay the discussions to their respective boards and to continue discussions and negotiations regarding such a transaction on that basis.

On June 25 and 26, 2025, members of Veritex management and members of Huntington management met in Dallas, Texas to conduct mutual due diligence review of the other party and its business, as well as engage in detailed discussions regarding a potential business combination transaction and the terms thereof. Following these discussions, Mr. Steinour indicated to Mr. Holland that Huntington anticipated entering into advisory services and non-competition agreements with Messrs. Holland and Earley, which would be effective upon the closing of the transaction, to assist in business development and customer, community and government relations following the closing, and which would include customary non-competition and other restrictive covenants, which Huntington believed would support the value of the Veritex franchise and the combined company.

On June 30, 2025, the Veritex Board Executive Committee held a special meeting, which members of Veritex management and representatives of Simpson Thacher attended, to discuss developments related to the potential transaction since the June 24, 2025 Veritex Board meeting, including updates on due diligence, the transaction timeline and the status and terms of the potential transaction.