Cadence Bank jumps on $7.4 billion buyout deal with Huntington Bancshares
Regional lender Cadence Bank's CADE.N shares rise 5% to $38.34
Huntington Bancshares HBAN.O agrees to buy co in a $7.4 billion all-stock deal
CADE shareholders will receive 2.475 shares of HBAN for each share, valuing Cadence at $39.77 a piece
Deal represents a 9% premium to CADE's last close and is expected to close in Q1 2026
HBAN shares fall 2.3% to $15.71
The agreement comes amid merger speculation following concern over exposure to loan loss
"This partnership will extend the reach of our full franchise to 21 states — stretching from the Midwest to the South to Texas — and into new, high-growth markets for which we have a powerful playbook," HBAN CEO Stephen Steinour says
YTD, including session's move, CADE is up 5.9%, while HBAN is down 1.2%; NASDAQ Bank Index .IXBK down 0.8%
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