On September 1, 2022, Punch & Associates announced that it has sent a letter to the Board of Directors of Pzena Investment Management, Inc objecting to the Transaction under the proposed terms. Punch & Associates stated that it dismayed the Company Board of Directors' Special Committee is recommending long-suffering shareholders sell their shares at a price well below recent share repurchases during five consecutive quarters, below the 52-week high stock price, and below Punch & Associates calculation of both peer and comparable acquisition multiples despite the business fundamentals and near-term opportunity set finally experiencing a marked improvement. In addition, Punch & Associates expressed that the proposed transaction is nothing more than an opportunistic bid for illiquid shares during a weak market by the Company insiders, at the expense of minority shareholders.