Send PM
Followers 223
Posts 11940
Boards Moderated 7
Alias Born 04/05/2009

Re: Enterprising Investor post# 43

Monday, 01/11/2021 10:03:09 PM

Monday, January 11, 2021 10:03:09 PM

Post# of 831
HoldCo Asset Management Expresses Significant Concerns Regarding SVB Financial Group's Proposed Acquisition Of Boston Private Financial Holdings (1/05/21)

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 4.9% of its outstanding shares.

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:

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 $900 million in regulatory assets under management.

"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International