RTTNews | Apr 7, 2021 07:25AM EDT

07:24 Wednesday, April 7, 2021 (RTTNews.com) - Boston Private Financial Holdings, Inc. (BPFH) said its Board unanimously recommended that shareholders vote for the proposed transaction with SVB Financial Group (SIVB) and for the other matters to be considered at the April 27, 2021 special meeting. The Board believes HoldCo Asset Management, LP's proposal is a reckless gamble based on arguments without merit. The special meeting of Boston Private shareholders to approve the transaction is scheduled for April 27, 2021.

"If the merger with SVB Financial is completed, holders will be entitled to receive, for each share of Boston Private common stock owned, $2.10 in cash and 0.0228 shares of SVB Financial common stock, an implied value of $13.12 per share of Boston Private common stock," the Board noted.

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