Gilead Capital Sends Open Letter To Board Of Monotype Imaging Holdings Opposing Sale To HGGC
NEW YORK, Aug. 20, 2019 /PRNewswire/ -- Gilead Capital LP ("Gilead Capital"), a long-term shareholder of Monotype Imaging Holdings Inc. (NASDAQ: TYPE) ("Monotype" or the "Company"), today sent a letter to the Company's Board of Directors (the "Board") expressing its concerns regarding the proposed sale of Monotype to the private equity firm HGGC for $19.85 per share. The letter conveys that:
The inadequacy of the $19.85 price is evident from: (i) the Board's buyback of minority shares in the same quarter at the same $19.85 price; (ii) the bottom-quartile "premium" on a stock price near its six-year low; and (iii) the significant recent earnings beat.
Gilead Capital believes that the Company is worth at least $30 per share.
The Board's lack of transparency with respect to the deal and the Company's second-quarter earnings raises questions about whether it engaged in a rigorous process to secure a fair price for shareholders.
Gilead Capital currently intends to vote against the transaction.
Gilead Capital calls on the Board to inform shareholders about the Company's recent business performance and its rationale for proposing a sale of Company at the same price it executed its most recent buybacks so that all shareholders can make a fully informed vote.
Gilead Capital LP is an investment adviser focused on long-term investments in high-quality public small-cap companies in North America, Europe, and Australia. Gilead Capital pursues a Leadership Investing strategy, supporting its portfolio companies by constructively engaging with management teams and boards of directors to elevate governance and enhance long-term value for the benefit of all shareholders.
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