HoldCo Asset Management Issues Second Public Letter To Boston Private Financial Holdings
HoldCo Asset Management owns approximately 4.9% of Boston Private Financial Holdings (BPFH) shares. They expressed significant concerns regarding BPFH's merger with SVB Financial Group, criticizing the Board for failing to maximize shareholder value through a competitive sale process. Additionally, HoldCo received an unsolicited email from First Foundation's CEO, raising questions about BPFH's negotiation integrity. HoldCo manages over $900 million in assets.
- HoldCo Asset Management holds a significant stake of 4.9% in BPFH, indicating confidence in the company.
- Concerns raised about the merger process with SVB Financial Group, suggesting lack of competitive sale for maximizing shareholder value.
- Questions about the integrity of BPFH's negotiation process following an unsolicited email from First Foundation's CEO.
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) ("BPFH"), representing approximately
Earlier today, HoldCo released the following press release outlining significant concerns with BPFH's announced merger with SVB Financial Group including the Board's apparent failure to run a comprehensive, competitive sale process to maximize value for shareholders:
Subsequently, we received an unsolicited email from Scott Kavanaugh, the Chief Executive Officer of First Foundation Inc. ("FFWM"), a California-based bank that we had identified in our presentation as a logical merger partner for BPFH. The contents of this email raise serious questions regarding the integrity of the process undertaken by BPFH to maximize value for shareholders. A copy of the public letter, which includes a copy of Mr. Kavanaugh's email, can be found at the following link:
http://www.holdcoam.com/wp-content/uploads/Second_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 as well as the letters and presentation available through the above links (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.
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SOURCE HoldCo Asset Management
FAQ
What concerns did HoldCo Asset Management raise regarding BPFH's merger with SVB Financial Group?
What is HoldCo's stake in Boston Private Financial Holdings (BPFH)?
Who is the CEO of First Foundation Inc. and what role did he play in the BPFH merger discussion?
What is the significance of the unsolicited email received by HoldCo from First Foundation's CEO?
