Independent Proxy Advisory Firm Glass Lewis Joins ISS in Recommending that Boston Private Shareholders Vote “FOR” the Proposed Transaction with SVB Financial
Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (“Boston Private”), a leading provider of integrated wealth management, trust and banking services to individuals, families, businesses and nonprofits, today announced that independent proxy advisory firm Glass Lewis & Co. (“Glass Lewis”) has joined Institutional Shareholder Services (“ISS”) in recommending that Boston Private shareholders vote “FOR” the proposed transaction with SVB Financial Group (NASDAQ: SIVB) (“SVB Financial”) at Boston Private’s upcoming special meeting scheduled for April 27, 2021. Both Glass Lewis and ISS have recommended that shareholders vote “FOR” each proposal to be presented at the special meeting, in accordance with the unanimous recommendation of the Boston Private Board (the “Board”).
“We welcome the favorable recommendations from Glass Lewis and ISS and are pleased that both proxy advisory firms recognize the financially and strategically compelling merits of the transaction with SVB Financial,” said Anthony DeChellis, Boston Private Chief Executive Officer and President. “The Glass Lewis and ISS recommendations reaffirm the Board’s determination that the transaction with SVB Financial provides the best path for maximizing value for Boston Private shareholders.”
The Boston Private Board believes that the financially and strategically compelling transaction with SVB Financial will deliver significant immediate value and ongoing upside participation through a best-in-class premium and a best-in-class partner, and is the clear value-maximizing alternative for Boston Private shareholders. In contrast, HoldCo’s proposed alternative is illusory, and amounts to a reckless gamble fraught with risk that would destroy substantial value for shareholders.
The Board unanimously recommends that shareholders vote “FOR” the proposed transaction with SVB Financial and “FOR” the other matters to be considered at the April 27, 2021 special meeting by following the instructions on the WHITE proxy card to vote via Internet or with a toll-free telephone call to ensure votes are received in time to be counted at the special meeting.
If shareholders have any questions or need assistance in voting shares, please contact Innisfree M&A Incorporated, Boston Private’s proxy solicitor, by calling toll-free at (877) 800-5187, or for banks and brokers, collect at (212) 750-5833.
About Boston Private
Boston Private is a leading provider of integrated wealth management, trust and banking services to individuals, families, businesses and nonprofits. For more than 30 years, Boston Private has delivered comprehensive advice coupled with deep technical expertise to help clients simplify their lives and achieve their goals. The firm offers the capabilities of a large institution with the superior service of a boutique firm to clients across the United States. Boston Private is the corporate brand of Boston Private Financial Holdings, Inc. (NASDAQ: BPFH). For more information, visit www.bostonprivate.com.