- The manager of more than $190B in assets, TCW Group goes public with its bid to become the external asset manager for Hercules Capital (HTGC +0.9%) at what it says are more favorable terms than those offered by the current management team.
- TCW made its bid on May 6, along with a request to delay the special meeting of shareholders scheduled for June. Given the short time frame, TCW felt it needed to file a preliminary proxy statement today.
- According to TCW, its proposal represents shareholder savings of more than $10M per year compared to that of Hercules CEO Manuel Henriquez.
- Hercules is "now officially in play," says Nick Marshi. This isn't Marshi's first rodeo though, and he reminds of the difficult task TCW will have of wresting control away from the Hercules team. "Even if the asset management giant gets a nod from the board to proceed there’s many a tool in Mr Henriquez’s toolbox that might block their progress."
- Now read: Hercules Falls Off A Cliff
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