Independent Proxy Advisory Firm Egan-Jones Joins ISS and Glass Lewis 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 Egan-Jones has joined Institutional Shareholder Services (“ISS”) and Glass Lewis & Co. (“Glass Lewis”) 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.
“We welcome another favorable recommendation and are pleased that each of the major proxy advisory firms—ISS, Glass Lewis and Egan-Jones—recognizes the financially and strategically compelling merits of the transaction with SVB Financial,” said Anthony DeChellis, Boston Private Chief Executive Officer and President. “The strong first quarter operating results announced yesterday by SVB Financial further validate the Boston Private Board’s assessment of SVB Financial’s common stock and the benefits of the transaction to Boston Private shareholders through ongoing participation in the combined company.”
Based on the closing price of SVB Financial common stock on April 23, 2021, the implied value of the per share merger consideration is $14.96 per Boston Private share, representing a 78% premium to Boston Private’s unaffected share price as of immediately prior to the announcement of the transaction.
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.