The Board of Directors of Boston Private Financial Holdings, Inc. (BPFH) has sent a letter to Boston Private's shareholders regarding the merger agreement with SVB Financial Group (SIVB). In the letter, the Boston Private Board unanimously recommended
that the company's shareholders vote for the transaction.
The Board stated that the transaction with SVB Financial is the value-maximizing alternative for Boston Private shareholders. The Board noted that the HoldCo Asset Management, LP's proposal is a reckless gamble that reflects its inexperience in banking.
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