Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 135

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 135
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 Price per common share to estimated EPS of the acquired company for the first full year after the announcement of the respective transaction, referred to as FWD EPS, in the case of six selected transactions in which FWD EPS estimates for the acquired company were available at announcement from consensus “street estimates” or public filings of the transaction parties; and |

| • | Tangible equity premium to core deposits (total deposits less time deposits greater than $100,000) of the acquired company, referred to as core deposit premium. |

KBW also reviewed the price per common share paid for the acquired company for the six selected transactions involving publicly traded acquired companies as a premium/(discount) to the closing price of the acquired company one day prior to the announcement of the acquisition (expressed as a percentage and referred to as the one day market premium). The resulting transaction multiples and premiums for the selected transactions were compared with the corresponding transaction multiples and premiums for the merger based on the implied transaction value for the merger of $39.77 per outstanding share of Cadence common stock and using historical financial information for Cadence as of or for the 12-month period ended September 30, 2025, 2026 EPS estimates for Cadence taken from publicly available consensus “street estimates” and the closing price of Cadence common stock on October 24, 2025. The results of the analysis are set forth in the following table:

|                                       |     |              |     | Selected Transactions |     |         |     |        |     |            |
|                                       |     | Huntington / 
 Cadence      |     | 75th                  
 Percentile            |     | Average |     | Median |     | 25th       
 Percentile |
| Price / Tangible Book Value per Share |     | 1.74x        |     | 1.54x                 |     | 1.47x   |     | 1.40x  |     | 1.24x      |
| Pay-to-Trade Ratio                    |     | 1.03x(1)     |     | 0.98x                 |     | 0.87x   |     | 0.86x  |     | 0.79x      |
| Price / LTM Core EPS(2)               |     | 13.4x        |     | 15.3x                 |     | 13.7x   |     | 13.9x  |     | 13.