Huntington enters into merger agreement to acquire Cadence Bank for 2.475x stock exchange ratio

HUNTINGTON BANCSHARES INC /MD/

Each Cadence common share converted into 2.475 Huntington common shares; cash for fractional shares.
Cadence preferred stock converted into new Huntington preferred series with materially equivalent terms.
Three current Cadence directors, including CEO James D. Rollins III, to join Huntington board.
Termination fee of $296 million payable under certain conditions if deal fails to close.
Transaction subject to Huntington and Cadence shareholder approvals and regulatory clearances.

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