Benzinga | Jan 5, 2022 09:17AM EST

JCP Investment Partnership Files Amended 13D Filing Showing Firm Privately Wrote To Westwood Holdings Board Regarding Rejection Of $25/Share Cash Offer From Americana Partners

The following constitutes Amendment No. 2 to the Schedule 13D filed by the undersigned ("Amendment No. 2"). This Amendment No. 2 amends the Schedule 13D as specifically set forth herein.

Item 4. Purpose of Transaction.

Item 4 is hereby amended to add the following:

Following the Issuer's July 2021 press release announcing the rejection of a $25 per Share cash offer from Americana Partners, LLC to acquire the Issuer based on the Board's purported belief that the offer significantly undervalues the Issuer relative to its standalone plan, the Reporting Persons privately wrote to the Board seeking an explanation how the Issuer's standalone plan represents a better risk-adjusted path forward than $25 per Share in cash today. The private letter also called on the Board to release a three-year plan and outline the Issuer's value creation plan for shareholders, or, alternatively, commence and disclose a robust strategic review process.

Today, the Shares are trading at $16.87, which is nearly 33% less than the $25 per Share cash offer that the Board rejected. Given the Issuer's continued underperformance under the stewardship of the current Board and management team, the Reporting Persons believe that the Issuer should immediately commence a strategic review process, including a possible sale of the company, as a means to maximize stockholder value.