While an overwhelming majority of the shares involved in Boston Private’s special meeting yesterday voted in favor of the bank’s planned merger with the parent company of Silicon Valley Bank, nearly 20 percent of outstanding shares did not participate, resulting in a close vote.
Boston Private’s shareholders have approved the merger with the parent company of Silicon Valley Bank after the bank delayed the vote for a week to gather more support for the deal.
In a move one of its shareholders called “manipulative tactics,” Boston Private decided to wait another week before holding a vote on the proposed merger with Silicon Valley Bank and adjourned Tuesday morning’s special shareholder meeting without conducting any business.
Less than three weeks before the shareholder meeting to decide whether Boston Private goes ahead with its proposed sale to the parent company of Silicon Valley Bank, Boston Private’s board of directors has again responded to an investor’s attempt to stop the transaction.
Boston Private Financial Holdings will hold a vote on its proposed merger with Silicon Valley Bank in late April, and shareholders can expect to receive dueling recommendations on whether the deal should go through.
In the same week that Berkshire Bank agreed to cooperate with an asset management firm that had questioned the bank’s decision to hire a new CEO instead of pursuing a sale, the chief financial officer who had a key role in the controversy is leaving.
A month after an investor publicly criticized Berkshire Bank for hiring a new CEO instead of pursuing a sale, the bank has agreed to cooperate with the investor, a move that will see the asset management firm’s co-founder nominated to Berkshire’s board of directors.
After an investor last week publicly questioned Berkshire Bank’s decision to hire a new CEO, the bank issued a statement today explaining the reasons for the hiring and confirming it has contacted the investor.
The same asset management company that raised concerns about Boston Private’s proposed sale now wants to know why Berkshire Bank decided to hire a new CEO instead of pursuing other alternatives, including a sale.
A New York-based asset manager that recently voiced concerns about the sale of Boston Private to Silicon Valley Bank plans to nominate its own candidates, including its co-founders, to the bank’s board of directors.
A day after Boston Private Financial Holding agreed to be acquired by the parent company of Silicon Valley Bank, one of Boston Private’s investors sent an open letter to the bank with concerns about “the integrity of the process undertaken by BPFH to maximize value for shareholders.”
