Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 90

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 90
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 August 28 and August 29, 2025, Mr. Steinour, Mr. Brant Standridge, Huntington’s President, Consumer and Regional Banking and Senior Executive Vice President, and Mr. Zachary Wasserman, Huntington’s Chief

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Financial Officer and Senior Executive Vice President met with Mr. Rollins and Ms. Valerie Toalson, Cadence’s President of Banking Services and Chief Financial Officer, in person and virtually, to discuss the potential business combination between Huntington and Cadence and the prospective terms of such a transaction, focusing on the proposed exchange ratio.

On September 2, 2025, Mr. Steinour orally conveyed to Mr. Rollins a revised merger consideration consisting of 2.430 shares of Huntington common stock for each share of Cadence common stock, which reflected a value of $42.96 per share of Cadence common stock, a 14.6% premium based on the closing prices of Huntington and Cadence common stock on such date. The 30-day volume-weighted average price of Cadence common stock on such date was $35.74 per share. This offer implied a pro forma ownership of approximately 22% of Huntington for Cadence shareholders. Following evaluation of the revised offer by Cadence management in consultation with KBW, Mr. Rollins informed Mr. Steinour that the offer was still insufficient, but agreed to continue negotiating the merger consideration with Mr. Steinour.

On September 4, 2025, Mr. Standridge, delivered to Mr. Rollins a letter of intent (the “Huntington LOI”), which included a non-binding term sheet that, among other things, contemplated an all-stock merger of Cadence and Huntington National Bank, the terms of which included merger consideration consisting of 2.475 shares of Huntington common stock for each share of Cadence common stock, which reflected a value of $44.25 per share of Cadence common stock, a 16.6% premium based on the closing prices of Huntington and Cadence common stock on such date. The 30-day volume-weighted average price of Cadence common stock on such date was $35.88 per share. This offer implied a pro forma ownership of approximately 23% of Huntington for Cadence shareholders.

On September 5, 2025, the Cadence Board held a call to evaluate the Huntington LOI. All members of the Executive Management Committee, and certain representatives of KBW and