Activists Call Fifth Third’s Deal for Comerica ‘Flawed’ (1)

HoldCo Asset Management LP is demanding that Comerica Inc. release additional details on its deal to be acquired by Fifth Third Bancorp, calling the sale process “flawed” ahead of a shareholder vote in early January.

The activist investor pushed the regional lender to sell itself earlier this year, but now says Comerica failed to allow for an independent, competitive process, according to a HoldCo presentation seen by Bloomberg News.

Comerica also failed to negotiate meaningfully with Fifth Third and accepted a deal at the low end of the valuation range of Fifth Third’s first offer, according to the presentation. ...