Huntington National Bank 2003 Annual Report Download - page 97

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MANAGEMENT’S DISCUSSION AND ANALYSIS
ACQUISITION OF UNIZAN FINANCIAL CORP.
On January 27, 2004, Huntington announced the signing of a definitive agreement to acquire Unizan Financial Corp. of Canton, Ohio.
At December 31, 2003, Unizan had total assets of $2.7 billion.
Under the terms of the agreement, Unizan shareholders will receive 1.1424 shares of Huntington common stock, on a tax-free basis,
for each share of Unizan. Based on the $23.10 closing price of Huntington’s common stock on January 26, 2004, this represents a price
of $26.39 per Unizan share, a 15% premium to Unizan’s closing price of $22.95, and valued the transaction on that date at
approximately $587 million. The merger was unanimously approved by both boards and is expected to close late in the second quarter
of 2004, pending customary regulatory approvals, as well as Unizan shareholder approval. Huntington expects the purchase to be
accretive to 2004 earnings, excluding one-time charges, and add over 1% to earnings in 2005.
HUNTINGTON BANCSHARES INCORPORATED 95