Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 94

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 94
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 this questioning, the Cadence Board further discussed the potential advantages and risks to Cadence of the proposed merger. At the conclusion of the discussion, during which the Cadence Board considered the matters reviewed and discussed at that meeting and all prior meetings, including the factors described under the section of this joint proxy statement/prospectus entitled “Summary—Cadence’s Reasons for the Merger; Recommendation of the Cadence Board of Directors,” the Cadence Board unanimously determined that the merger agreement and the transactions contemplated by the merger agreement were consistent with, and will further, the business strategies of Cadence and were advisable and fair to and in the best interests of Cadence and its common shareholders, and adopted the merger agreement and approved the merger and the other arrangements contemplated by the merger agreement and recommended that Cadence common shareholders approve the merger agreement.

On October 26, 2025, a joint meeting of the Huntington Board and Huntington National Bank Board was held to receive an update and final discussion regarding the potential transaction with Cadence, which members of management and representatives of Wachtell Lipton and Evercore attended. Prior to the meeting, a variety of presentation materials — including an updated financial analysis prepared by Evercore incorporating changes in the market environment from the October 22, 2025 meeting, a substantially final form of the proposed definitive merger agreement, an updated summary of principal transaction terms including as to executive compensation

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and employee matters, a draft press release announcing the proposed transaction, a draft Huntington investor deck and a form of proposed board resolutions for the approval of the proposed transaction — had been made available to the Huntington Board. At the meeting, Mr. Steinour updated the directors on the final negotiations with Cadence and reviewed certain considerations relating to the proposed transaction, including with respect to the anticipated timeline and financial implications of the proposed transaction. Representatives of Evercore reviewed with the Huntington Board Evercore’s financial analysis summarized below under “—Opinion of Huntington’s Financial Advisor” and rendered to the Huntington Board the oral opinion of Evercore, subsequently confirmed by delivery of a written opinion, dated October 26, 2025, to the Huntington Board, and attached to this joint proxy statement/prospectus as Annex B, to the effect that, as of the date of Evercore’s written opinion and based upon and subject to the factors and assumptions set forth in Evercore’s written opinion, the exchange ratio pursuant to the merger agreement was fair from a financial point of view to Huntington