Westwood Holdings Group, Inc. Comments on Unsolicited Proposal from Americana Partners
July 14 2021 - 1:07PM
Westwood Holdings Group, Inc. (“Westwood” or the “Company”) (NYSE:
WHG) today confirmed that, since May, it has received two
unsolicited proposals from Americana Partners, LLC to acquire
Westwood. Americana’s last proposal, received by the Company on
June 14, 2021, offered $25.00 per share in cash.
Westwood’s Board of Directors, in consultation with its legal
and financial advisors and in accordance with its fiduciary duties,
previously reviewed Americana’s proposal and determined unanimously
that it significantly undervalues Westwood relative to the
Company’s standalone plan. In reaching this determination, the
Board also considered that Americana has not provided to Westwood
any evidence of Americana’s ability to finance its acquisition
bid.
Brian O. Casey, President and Chief Executive Officer of
Westwood, stated: “Our hard work over the past few years, reducing
costs and building a pipeline of opportunities, along with the
investments we made in technology and other strategic initiatives
are paying off for our stockholders as we believe Westwood is now
on a more clear path to growth. We are very proud of the progress
we have made and are even more confident in our ability to carry
out our current plan and deliver long-term value for our
stockholders.”
RBC Capital Markets is acting as financial advisor to the
Company, and Sidley Austin LLP is acting as legal counsel to
Westwood.
About Westwood Holdings Group
Westwood Holdings Group, Inc. is an investment management
boutique and wealth management firm based in Dallas, Texas.
Westwood offers high-conviction equity and outcome-oriented
solutions to institutional investors, private wealth clients and
financial intermediaries. The firm specializes in two distinct
investment capabilities: U.S. Value Equity and Multi-Asset,
available through separate accounts, the Westwood Funds® family of
mutual funds and other pooled vehicles. Westwood benefits from
significant, broad- based employee ownership and trades on the New
York Stock Exchange under the symbol “WHG.” For more information,
please visit westwoodgroup.com.
Contact:
Investors
Westwood Holdings Group, Inc.Terry ForbesChief Financial Officer
and Treasurer(214) 756-6900
Media
Gagnier CommunicationsDan Gagnier / Jeffrey Mathews(646)
569-5897Westwood@gagnierfc.com
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