Company: CMA
Filing Date: 2025-12-18
Form Type: 425
Source: 0001193125-25-323441
Chunk: 7

Company: COMERICA INC
Filing Date: 2025-12-18
Form: 425
Chunk 7
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. Spence convened a special meeting of the executive
committee of the Fifth Third board of directors to consider Mr. Farmer’s outreach and Mr. Spence’s preliminary discussions with Mr. Farmer. During such meeting, Mr. Spence and the executive committee discussed the
potential terms of an acquisition of Comerica, subject to further due diligence, and the opportunities presented by the potential transaction. The executive committee also discussed with representatives of Goldman Sachs certain financial aspects
relating to a potential acquisition of Comerica. Based on the discussion, the executive committee directed Mr. Spence to submit an acquisition proposal to Comerica along the lines of these potential terms. Also on September 22, 2025,
following the direction of the Fifth Third executive committee, Fifth Third management determined proposed terms for Fifth Third to acquire Comerica, including a fixed exchange ratio range.

Later that day, Mr. Spence called Mr. Farmer and communicated the key terms of a nonbinding written indication of interest for the
acquisition of Comerica that Fifth Third intended to deliver to Comerica the next day, including that Fifth Third’s proposal would contemplate an all-stock transaction and include a range of potential
exchange ratios, whereby Comerica stockholders would receive at least1.8663 shares of Fifth Third common stock for each share of Comerica common stock (with the final exchange ratio to be determined
following due diligence). On September 23, 2025, Fifth Third submitted a nonbinding written indication of
interest on the terms discussed between Mr. Spence and Mr. Farmer.

On September23, 2025, the Comerica board of directors held a meeting to discuss the Fifth Third proposal. Representatives of J.P. Morgan and Wachtell Lipton were present at the sessionmeeting. Members of Comerica senior management and J.P. Morgan provided their views
regarding a potential transaction with Fifth Third, including as it compared to a transaction with Financial Institution A and other potential counterparties. The Comerica board of directors discussed its preference for a transaction with Fifth
Third, including on the basis that the Fifth Third proposal appropriately valued Comerica and that such valuation was higher than the valuation implied by Financial Institution A’s proposals, that the stock of Fifth Third was a valuable
currency that traded among the highest levels of peer institutions and had a strong dividend yield, the strategic benefits of a transaction with Fifth Third as compared to a transaction with other potential counterparties Comerica’s Reasons for the