Federal Reserve OKs merger of Silicon Valley Bank and Boston Private - San Francisco Business Times bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.
Shortly after, HoldCo Asset Management, which owns 4.9% of Boston Private s shares, protested the acquisition.
The investor claimed the price was too low for a regional bank, and was prompted largely by Boston Private executives misguided pursuit of a wealth management strategy which HoldCo principals called a pipe dream. HoldCo felt Boston Private’s shares should have been valued at $13.50 to $17 instead of the $11.50 price it saw the day after the sale was announced.
Proxy advisors said that the $14.96 per Boston Private share is a 78% premium to Boston Private’s $8.45 share price at the end of December, right before the acquisition was made known to the public.
HoldCo Comments on ISS Report Regarding Proposed Boston Private / SVB Merger apnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from apnews.com Daily Mail and Mail on Sunday newspapers.
Independent Proxy Advisory Firm ISS Recommends Boston Private Shareholders Vote FOR the Proposed Transaction with SVB Financial apnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from apnews.com Daily Mail and Mail on Sunday newspapers.
The leadership at Boston Private Financial Holdings wanted to establish a wealth management partnership with SVB Financial Group but ended up striking a deal to sell the company to SVB instead.