Activist shareholders have Metro Bank in their sights
By Sadowski, Michael | |
Proquest LLC |
The
Two of the three are considered activist investors - investors that often push for whatever is necessary to increase stock value - while it's somewhat new territory for
"I do whatever I can not to be an activist investor," said
Metro Chairman, President and CEO
"Someone would (buy Metro) at the right price," Breese said. "It's a really tough market out there right now. The banks are beating their heads together to get the next loan."
Investors chirping
In May,
In a
In early June,
Lindenbaum and other Basswood associates did not respond to requests for comment.
Both
In a lawsuit filed
"The ink was hardly dry on the parties' contract when Basswood's affiliates - while Basswood was in possession of (the bank's) material nonpublic information - began to surreptitiously accumulate a substantial stake in (the bank) through open-market purchases that went unreported for months," according to the suit.
Earlier this year
Looking into the future
Guerry said Clover went through a proxy battle recently but did not specify the bank. Records show Guerry made a failed play for a board of directors' seat at
Clover, which Guerry said has
Guerry said he doesn't plan on engaging in a proxy battle, but he said it's a long time until the annual shareholders meeting in spring 2015.
"Hopefully management will not continue to ignore its shareholders," Guerry said. "We wanted to make our position public so it's more on the record."
Not talking
Not all of Metro's largest shareholders are going public with their intentions.
Officials from
BY
michaels@cpbj com
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