Westwood Holdings Group, Inc. Comments on Unsolicited Proposal from Americana Partners
Westwood Holdings Group (NYSE: WHG) announced it received two unsolicited acquisition proposals from Americana Partners, LLC, with the latest offering $25.00 per share in cash.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Westwood Holdings Group (NYSE: WHG) announced it received two unsolicited acquisition proposals from Americana Partners, LLC, with the latest offering $25.00 per share in cash. The Board of Directors unanimously deemed this offer significantly undervalued compared to the company's strategic standalone plan, citing a lack of evidence from Americana regarding its capability to finance the bid. CEO Brian O. Casey expressed confidence in Westwood's growth trajectory due to successful cost reduction and strategic investments.
Positive
- The Board believes the recent acquisition offer significantly undervalues Westwood, indicating confidence in the company's current valuation.
- Westwood has successfully reduced costs and built a promising pipeline of opportunities.
- Strategic investments in technology and initiatives have strengthened Westwood's growth potential.
Negative
- Americana Partners did not provide evidence of its ability to finance the acquisition bid.
Details
News Market Reaction – WHG
The recorded move for WHG in the trading session of this news was +15.95%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
DALLAS, July 14, 2021 (GLOBE NEWSWIRE) -- 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
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 Forbes
Chief Financial Officer and Treasurer
(214) 756-6900
Media
Gagnier Communications
Dan Gagnier / Jeffrey Mathews
(646) 569-5897
Westwood@gagnierfc.com
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.