Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 120

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 120
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 the midpoint value determined by the Huntington standalone dividend discount analysis), plus (ii) Cadence’s standalone implied aggregate equity value calculated using the dividend discount analysis summarized above under the caption “ —Cadence Standalone—Dividend Discount Analysis ” (calculated using the midpoint value determined by the Cadence standalone dividend discount analysis), and plus (iii) the net present value, as of October 24, 2025, of the Synergies and merger expenses (using the discount rate of 12.0% and 10.5x terminal multiple). This analysis resulted in an implied incremental aggregate equity value of Huntington on a pro forma basis attributable to holders of Huntington common stock of approximately $1.891 billion relative to Huntington’s standalone implied aggregate equity value calculated using the dividend discount analysis summarized above under the caption “ —Huntington Standalone—Dividend Discount Analysis ” (calculated using the midpoint value determined by the Huntington standalone dividend discount analysis).

Accretion / Dilution Analysis

Evercore reviewed the potential pro forma financial effect of the merger on Huntington’s (i) EPS for the calendar years 2026 and 2027, and (ii) Huntington’s TBVPS at the closing of the merger. Estimated financial data of Huntington and Cadence as well as the pro forma effects of the merger were based on the Forecasts and information provided by Huntington Management. Based on the exchange ratio of 2.475x provided in the merger agreement, this analysis indicated that the merger could be accretive to Huntington’s pro forma estimated earnings per share in 2026 and 2027, respectively and dilutive to Huntington’s TBVPS at the Closing of the merger. The actual results achieved by the combined company may vary from projected results and the variations may be material.

#### Miscellaneous
The foregoing summary of Evercore’s financial analyses does not purport to be a complete description of the analyses or data presented by Evercore to the Huntington board of directors. In connection with the review of the merger by the Huntington board of directors, Evercore performed a variety of financial and comparative analyses for purposes of rendering its opinion. The preparation of a fairness opinion is a complex process and is not necessarily susceptible to partial analysis or summary description. Selecting portions of the analyses or of the summary described above, without considering the analyses as a whole, could create an incomplete view of the processes underlying Evercore’s opinion. In arriving at its fairness determination, Evercore considered the results of all the analyses and did not draw, in isolation, conclusions