Company: FITBI
Filing Date: 2025-11-05
Form Type: S-4
Source: 0001193125-25-267273
Chunk: 108

Company: FIFTH THIRD BANCORP
Filing Date: 2025-11-05
Form: S-4
Chunk 108
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 the process of considering a
potential business combination transaction. During this time,

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Comerica’s financial advisor and senior management engaged in exploratory conversations with potentially interested parties, including another financial institution that we refer to as
“Financial Institution A”, regarding a potential business combination transaction involving Comerica. Other than as noted below, these discussions did not advance beyond the preliminary stage or result in any specific proposals or
provision of diligence materials.

In September 2025, the Chief Executive Officer of Financial Institution A verbally proposed to Mr.
Farmer a potential all-stock merger transaction between Financial Institution A and Comerica. Thereafter, the Chief Executive Officer of Financial Institution A verbally communicated a revised proposal to merge with Comerica in an
all-stock transaction.

Following these exploratory conversations and receipt of Financial Institution A’s proposals, the
Comerica board of directors held multiple meetings, together with representatives of J.P. Morgan and Wachtell Lipton. Members of Comerica’s senior management and J.P. Morgan provided their views on the discussions with Financial
Institution A, including the implied valuation of Comerica, the consideration discussed, the rationale and strategy, the potential benefits and drawbacks of a business combination transaction with Financial Institution A as compared to
alternatives available to Comerica, including a potential transaction with Fifth Third, other potential counterparties to a business combination transaction and the potential benefits and drawbacks of pursuing a transaction with such alternative
parties. The Comerica board of directors concluded that such proposals made by Financial Institution A were preliminary and were not likely to be more attractive than the consideration that could be offered by another counterparty, including
Fifth Third. The Comerica board of directors discussed alternative potential counterparties to a business combination transaction and, following discussion, including based on the strategic factors outlined in the section entitled
“Comerica’s Reasons for the Merger; Recommendation of the Comerica Board of Directors”, determined that Fifth Third would be the optimal merger counterparty to a business combination transaction if Fifth Third were to make a
proposal which appropriately valued Comerica, and authorized senior management to engage with Fifth Third further.

On September 18,
2025, Mr. Farmer called Mr. Spence and indicated to Mr. Spence that the Comerica board of directors was exploring a potential strategic transaction and inquired as to whether Fifth Third would be prepared to pursue a potential transaction. The
following day, Mr. Spence and Mr. Farmer met