NEW YORK, January 5, 2021 / PRNewswire / – HoldCo Asset Management, LP and its managed funds (collectively, “HoldCo”) own 4,049,713 common shares of Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (“Boston Private”, “BPFH” or “Company”), representing approximately 4.9% of its outstanding shares.
HoldCo is one of Boston Private’s largest shareholders and has recently had several conversations with the company’s senior management. HoldCo believes that Boston Private’s shares are significantly undervalued, which HoldCo attributes to negative perceptions of the company’s board and management team and its publicly stated plan to pursue an independent business recovery. In fact, HoldCo was planning to send a copy of a presentation (“HoldCo Presentation”) to management, highlighting HoldCo’s numerous concerns and expressing its view that shareholder value would be maximized if Boston Private pursued a sale process comprehensive and sell itself to the highest bidder.
Yesterday, while HoldCo was putting the finishing touches on the HoldCo presentation, Boston Private announced that it had entered into a definitive merger agreement under which the SVB Financial Group (“SVB”) will acquire Boston Private. HoldCo is encouraged by the fact that the Company is looking for a sales process instead of an independent plan. However, based on the limited information that has been made publicly available to date, HoldCo is dissatisfied with the proposed purchase price of SVB and, more importantly, has substantial concerns regarding the integrity of the process carried out by BPFH to maximize the value for the shareholders. As a result, HoldCo wrote a public letter (“Letter”) to the Company summarizing its concerns and asking the Company to provide the information necessary to assess the integrity of the process carried out by BPFH in relation to the proposed acquisition. The BPFH Letter, as well as the HoldCo Presentation, can be accessed using the following link:
http://www.holdcoam.com/wp-content/uploads/Letter-to-BPFH.pdf
About HoldCo Asset Management
HoldCo Asset Management, LP is an investment advisor 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.
Legal notice
This press release, the HoldCo presentation and the letter (collectively, the “HoldCo Materials”) are for general discussion and informational purposes only. HoldCo Materials is not an investment advice, an investment recommendation or an offer to buy or sell or the solicitation of an offer to buy or sell any securities, including, without limitation, any interest in a fund managed by and / or associated with HoldCo.
HoldCo’s views contained in the HoldCo Materials are based on publicly available information regarding Boston Private and some other companies discussed in the HoldCo Materials. HoldCo recognizes that there may be non-public information held by BPFH or others that may cause BPFH and others to disagree with HoldCo’s analysis, conclusions or opinions.
Certain financial information and data used in the HoldCo Materials has been obtained or derived from public records, HoldCo’s internal estimates and surveys, industry and general publications, surveys conducted by third parties and other sources. HoldCo has not sought or obtained third party consent to use any statements or information indicated in the HoldCo Materials as having been obtained or derived from statements made or published by third parties. Any statements or information attributed to third parties should not be seen as an indication of such third parties’ support for the opinions expressed in the HoldCo Materials. No agreement, agreement, commitment or understanding exists or should be considered to exist between HoldCo and any third party by virtue of using such statements or information or providing the HoldCo Materials.
Except for the historical information contained in the HoldCo Materials, the matters covered in the HoldCo Materials are forward-looking statements that involve certain risks and uncertainties. You should be aware that actual results may differ materially from those contained in the forward-looking statements. HoldCo may change any of its views expressed in the HoldCo Materials at any time, and HoldCo is under no obligation to update any information, opinion or statement contained in the HoldCo Materials.
None of HoldCo, its affiliates or their respective directors, officers, employees, shareholders, members, partners, managers or consultants will be responsible or have any obligation to any person regarding the distribution or possession of the HoldCo Materials in any jurisdiction. No guarantee is made that any data or information in the HoldCo Materials is accurate. None of HoldCo, its affiliates or their respective directors, officers, employees, shareholders, members, partners, managers or consultants shall be responsible or have any liability for any misinformation, errors or omissions contained in the HoldCo Materials.
A fund managed by HoldCo has invested in BPFH bonds and, consequently, has an economic interest in the price of those bonds. HoldCo may increase, decrease or hedge such investment in BPFH, or otherwise change the form of such investment in BPFH, for any or no reason at any time. HoldCo disclaims any obligation to provide updates or changes in the form or type of any investment in BPFH or another company.
See the original content: http: //www.prnewswire.com/news-releases/holdco-asset-management-expresses-significant-concerns-regarding-svb-financial-groups-proposed-acquisition-of-boston-private-financial – holdings-301200817.html
SOURCE HoldCo Asset Management
