Shaul Kopelowitz, holding approximately 9.9% of Pacific Enterprise Bancorp (OTC: PEBN), plans to vote against the proposed merger with BayCom Corp (BMCL) at the special meeting on December 13, 2021. He argues that the merger consideration is insufficient, citing a $3.30 per share discount to book value and a 26.2% discount to PEBN's share price. Kopelowitz believes shareholders could realize between $23.18 and $30.56 per share if they exercise their dissenters' rights, and he remains open to constructive dialogue with management.
Shaul Kopelowitz, a major shareholder of Pacific Enterprise Bancorp (OTC: PEBN), has expressed disappointment with Institutional Shareholder Services (ISS) for recommending the proposed merger with BayCom Corp (BCML). He argues this merger offers shareholders a 26.2% discount to the unaffected share price and fails to explore better alternatives, including liquidation.
Kopelowitz plans to vote AGAINST the merger at the special shareholder meeting scheduled for December 13, 2021.
Shaul Kopelowitz, a major shareholder of Pacific Enterprise Bancorp (PEBN) with 9.9% ownership, expressed strong opposition to the company's proposed merger with BayCom Corp (BCML). He criticized the merger as flawed, highlighting that it undervalues PEBN shares by $3.30 relative to book value. Kopelowitz argued that the merger does not serve shareholder interests and contrasts negatively with industry trends. He is advocating for alternative strategies, including asset liquidation, to enhance shareholder value.