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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.