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.
Pzena Investment Management, Inc.
Equities
PZN
US74731Q1031
Investment Management & Fund Operators
1st Jan change | Capi. | |
---|---|---|
-10.01% | 84.22B | |
+11.46% | 25.9B | |
-6.29% | 17.49B | |
+1.57% | 16.09B | |
+6.74% | 14.3B | |
-23.30% | 12.02B | |
+21.52% | 9.96B | |
+25.44% | 8.8B | |
+26.19% | 7.04B |