HoldCo Asset Management Expresses Significant Concerns Regarding SVB Financial Group's Proposed Acquisition Of Boston Private Financial Holdings
HoldCo Asset Management, owning 4.9% of Boston Private Financial Holdings (BPFH), believes the company's shares are undervalued. Following BPFH's recent merger announcement with SVB Financial Group, HoldCo expressed concerns about the purchase price and the integrity of the acquisition process. They prefer a comprehensive sale to maximize shareholder value rather than a standalone turnaround. HoldCo has reached out to management for further information regarding the acquisition process.
- HoldCo supports BPFH's decision to pursue a sale process.
- Possible shareholder value maximization through a strategic acquisition.
- HoldCo is dissatisfied with SVB's proposed purchase price.
- Concerns about the integrity of the acquisition process undertaken by BPFH.
NEW YORK, Jan. 5, 2021 /PRNewswire/ -- HoldCo Asset Management, LP and its managed funds (collectively, "HoldCo") own 4,049,713 shares of common stock of Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) ("Boston Private", "BPFH", or the "Company"), representing approximately
HoldCo is one of the largest shareholders of Boston Private and has recently had several conversations with senior management of the Company. HoldCo believes that Boston Private's shares are significantly undervalued, which HoldCo attributes to negative perceptions regarding the Company's board and management team and their publicly stated plan to pursue a standalone turnaround of the business. In fact, HoldCo was planning on sending management a copy of a presentation ("HoldCo Presentation") today outlining HoldCo's numerous concerns and expressing its view that shareholder value would be maximized if Boston Private pursued a comprehensive sale process and sold itself to the highest bidder.
Yesterday, as HoldCo was putting the finishing touches on the HoldCo Presentation, Boston Private announced that it had entered into a definitive merger agreement pursuant to which SVB Financial Group ("SVB") will acquire Boston Private. HoldCo is encouraged by the fact that the Company is pursuing a sale process instead of a standalone plan. Nonetheless, based on the limited information that has been made publicly available to date, HoldCo is dissatisfied with SVB's proposed purchase price and, more importantly, has substantial concerns regarding the integrity of the process undertaken by BPFH to maximize value for shareholders. As a result, HoldCo has written a public letter ("Letter") to the Company summarizing its concerns and requesting that the Company make available information necessary to assess the integrity of the process undertaken by BPFH in connection with the proposed acquisition. The Letter to BPFH, as well as the HoldCo Presentation, can be accessed using the following link:
http://www.holdcoam.com/wp-content/uploads/Letter-to-BPFH.pdf
About HoldCo Asset Management
HoldCo Asset Management, LP is an investment adviser located in New York City. HoldCo was founded by Vik Ghei and Misha Zaitzeff. HoldCo currently has over
Disclaimer
This press release, the HoldCo Presentation and the Letter (collectively, the "HoldCo Materials") are for discussion and general informational purposes only. The HoldCo Materials are not investment advice, an investment recommendation, or an offer to buy or sell or the solicitation of an offer to buy or sell any securities, including without limitation any interests in a fund managed by and/or associated with HoldCo.
The views of HoldCo contained in the HoldCo Materials are based on publicly available information with respect to Boston Private and certain other companies discussed in the HoldCo Materials. HoldCo recognizes that there may be nonpublic information in the possession of BPFH or others that could lead BPFH and others to disagree with HoldCo's analyses, conclusions or opinions.
Certain financial information and data used in the HoldCo Materials have been obtained or derived from public filings, HoldCo's internal estimates and research, industry and general publications, research conducted by third parties and other sources. HoldCo has not sought or obtained consent from any third parties to use any statements or information indicated in the HoldCo Materials as having been obtained or derived from statements made or published by third parties. Any such statements or information attributed to a third party should not be viewed as indicating the support of such third party for the views expressed in the HoldCo Materials. No agreement, arrangement, commitment or understanding exists or shall be deemed to exist between HoldCo and any third party by virtue of using such statements or information or furnishing the HoldCo Materials.
Except for the historical information contained in the HoldCo Materials, the matters addressed in the HoldCo Materials are forward-looking statements that involve certain risks and uncertainties. You should be aware that actual results may differ materially from those contained in the forward-looking statements. HoldCo may change any of its opinions expressed in the HoldCo Materials at any time, and HoldCo is under no obligation to update any information, opinions or statements contained in the HoldCo Materials.
None of HoldCo, its affiliates or their respective directors, officers, employees, shareholders, members, partners, managers or advisors shall be responsible or have any liability to any person in relation to the distribution or possession of the HoldCo Materials in any jurisdiction. No warranty is made that any data or information in the HoldCo Materials is accurate. None of HoldCo, its affiliates or their respective directors, officers, employees, shareholders, members, partners, managers or advisors shall be responsible or have any liability for any misinformation, errors or omissions contained in the HoldCo Materials.
A fund managed by HoldCo has invested in the securities of BPFH and consequently has an economic interest in the price of these securities. HoldCo may increase, decrease or hedge such investment in BPFH, or otherwise change the form of such investment in BPFH, for any or no reason at any time. HoldCo disclaims any duty to provide updates or changes to the manner or type of any investment in BPFH or other company.
View original content:http://www.prnewswire.com/news-releases/holdco-asset-management-expresses-significant-concerns-regarding-svb-financial-groups-proposed-acquisition-of-boston-private-financial-holdings-301200817.html
SOURCE HoldCo Asset Management
FAQ
What concerns does HoldCo have regarding SVB's acquisition of BPFH?
How much of BPFH does HoldCo own?
What is HoldCo's stance on BPFH's merger with SVB Financial Group?
What did HoldCo suggest in their presentation regarding BPFH?
