Activist Holdco to push Comerica for sale, seeks board seats - WSJ

[Comerica Bank office building in downtown Long Beach, Los Angeles County, California, USA]
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Activist investor HoldCo Asset Management plans to start a proxy fight at Comerica Inc. (NYSE:CMA [https://seekingalpha.com/symbol/CMA]) as it tries to pressure the bank to sell itself.

If Comerica (NYSE:CMA [https://seekingalpha.com/symbol/CMA]) doesn't pursue a sale, HoldCo plans to nominate around five directors to the company's 11-person board, according to a WSJ report [https://www.wsj.com/finance/banking/activist-investor-pushing-to-sell-comerica-will-seek-board-seats-6cc97bdf?mod=hp_listb_pos3]on Tuesday, which cited people familiar with the matter. The board nominations would likely happen in December when the nomination window opens.

Comerica (CMA [https://seekingalpha.com/symbol/CMA]) told the WSJ that the company welcomes feedback from shareholders and is always looking at opportunities to create value.

The news comes after HoldCo disclosed a $155 million stake in Comerica (CMA [https://seekingalpha.com/symbol/CMA]) in late July and urged the company to begin a sales process. [https://seekingalpha.com/news/4472859-comerica-gains-as-holder-pushes-for-sale-process]

HoldCo has said Comerica (CMA [https://seekingalpha.com/symbol/CMA]) mismanaged its interest rate exposure and cost structure. Other top Comerica (CMA [https://seekingalpha.com/symbol/CMA]) holders including Citadel and North Reef Capital Management also have similar concerns, according to the WSJ report.

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