Yahoo Finance·2025-12-15 12:14Core Viewpoint - Activist investor HoldCo Asset Management is urging Comerica shareholders to reject the proposed acquisition by Fifth Third, claiming that the deal lacks a competitive process and that Fifth Third has room to improve its bid of $10.9 billion [1][2][3]. Group 1: Acquisition Details - HoldCo argues that voting down the deal does not terminate the merger, as Fifth Third is contractually obligated to attempt to renegotiate and resubmit the offer [2]. - The investor believes that Fifth Third's initial offer was lower than expected and that there is potential for a higher bid [2]. - HoldCo suggests that another potential suitor, identified as "Institution A" (believed to be Regions), remains interested in acquiring Comerica [2]. Group 2: Shareholder Influence and Legal Actions - HoldCo has been actively campaigning for influence over Comerica, previously alleging insufficient oversight by the bank's board regarding CEO interactions with Fifth Third [3]. - The firm criticized the board for not engaging with other potential bidders, suggesting that this lack of engagement could have led to higher offers [4]. - A shareholder vote on the acquisition is scheduled for January 6, with a court hearing on HoldCo's lawsuit against both banks set for January 2 [4]. Group 3: Market Reactions and Statements - Fifth Third's CEO, Tim Spence, expressed confidence regarding the shareholder vote, indicating that feedback from Comerica shareholders has been positive [6]. - Spence downplayed concerns about the lawsuit, suggesting that the market's reaction to the deal indicates a smooth voting process ahead [6].