Boston Private shareholders approve sale to SVB Financial

Shareholders of Boston Private Financial Holdings have approved the company’s pending sale to SVB Financial Group in Santa Clara, California.

The $10.5 billion-asset Boston Private said in a press release Tueday that it secured enough votes to move ahead with the $900 million sale to the $142 billion-asset SVB. The company did not report the results, though it needed approval, under Massachusetts law, from two-thirds of its outstanding shares to proceed.

Boston Private initially planned to hold the vote in late April but was forced to delay it in order to collect more approvals.

HoldCo Asset Management, a New York investor that owns about 4.9% of Boston Private’s shares, had opposed the deal, arguing that the seller failed to consider other potential buyers and did not attract an acceptable price.

The preliminary voting results are subject to certification by First Coast Results, an independent inspector of the election.

The merger, which still needs regulatory approval, is expected to close in mid-2021.

Related Articles

Etsy slides more than 9% after it warns of slowing growth

An employee walks past a quilt displaying Etsy Inc. signage at the company's headquarters in the Brooklyn.Victor J. Blue/Bloomberg via Getty ImagesEtsy stock dropped...

Does Medicare Cover Hospice? – NerdWallet

As you or a loved one nears the end of life due to a terminal illness, hospice care might be a consideration. Hospice is...

Rocket ramps up in auto loans with new cross-selling push

Rocket Companies is expanding in auto lending — at a time when that market is red-hot — with a new effort to sell cars...

Stay Connected

21,915FansLike
2,507FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

Etsy slides more than 9% after it warns of slowing growth

An employee walks past a quilt displaying Etsy Inc. signage at the company's headquarters in the Brooklyn.Victor J. Blue/Bloomberg via Getty ImagesEtsy stock dropped...

Does Medicare Cover Hospice? – NerdWallet

As you or a loved one nears the end of life due to a terminal illness, hospice care might be a consideration. Hospice is...

Rocket ramps up in auto loans with new cross-selling push

Rocket Companies is expanding in auto lending — at a time when that market is red-hot — with a new effort to sell cars...

Decentralization, Absolutism, and the Papal States | Ryan McMaken

Historian David Kertzer made a name for himself with his 1997 book The Kidnapping of Edgardo Mortara. The book covers the until-then-rarely-mentioned case of...

Blue Dart Express Q4 results: Posts net profit of Rs 90 cr

NEW DELHI: Logistics services provider on Wednesday reported a consolidated net profit of Rs 90 crore for the fourth quarter ended March 2021. The...