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. | |
---|---|---|
-0.15% | 95.63B | |
+28.64% | 90.91B | |
+24.30% | 28.22B | |
+0.28% | 18.26B | |
+17.21% | 15.8B | |
+7.52% | 15.22B | |
-17.96% | 12.85B | |
+17.38% | 9.4B | |
+26.44% | 9.28B |