HoldCo Asset Management Issues Second Public Letter To 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) ("BPFH"), representing approximately 4.9% of its outstanding shares.
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:
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.
0
