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.
Berkshire Hills to Nominate Two New Directors to the Company s Board
Enters into Agreement with HoldCo Asset Management
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BOSTON, March 8, 2021 /PRNewswire/ Berkshire Hills Bancorp, Inc. (NYSE: BHLB) ( the Company ) today announced that it intends to nominate Michael (Misha) A. Zaitzeff and a second new independent director selected by the Company with HoldCo s consent, together with 11 current Directors, to stand for election to its Board of Directors at the Company s 2021 Annual Meeting of Shareholders, to be held on May 20, 2021. In connection with this announcement, Berkshire has entered into a cooperation agreement with HoldCo Asset Management, LP ( HoldCo ), an investment firm which owns approximately 3.3 percent of the Company s outstanding shares. Mr. Zaitzeff is a co-founder and managing member of VM II LLC, the general partner of HoldCo Asset Management, LP.
Berkshire Hills reaches truce with activist investor americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.
HoldCo Asset Management wrote in a letter to the Boston company's chairman that it also wants the board to consider share repurchases to improve shareholder value.
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HoldCo Asset Management, LP and its managed funds (collectively, “HoldCo”), which own 4,049,816 shares of common stock of Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (“Boston Private,” “BPFH,” or the “Company”), representing approximately 4.9% of the Company’s outstanding shares, today announced that it has submitted a notice of its intention to nominate up to five highly-qualified candidates for election to the Boston Private Board of Directors (the “Board”).
Vik Ghei and Michael Zaitzeff, Co-Founders of HoldCo, said, “We agree with the Board of Boston Private that the best way to maximize value for shareholders is to pursue a sales process. It is critical, however, that any such process be carried out with integrity and appropriate oversight. Based on what we know at this stage, we do not believe that this was true of the process that led to Boston Private’s agreement