The firm is asking regulators for more time after reconstituting a special committee evaluating management's takeover bid
New appointments come a week after four board members opposed to the takeover resigned
The firm appointed Terrence Lyons as director and member of the committee evaluating the bid
The shareholder is pushing for board changes by May 10 and nominated two directors
The firms are looking to add scale and grow their wealth management business
Extension increases risk of deal not being completed: Barclays analyst
Deal-makers have yet to fully adjust to prevailing economic conditions
A special committee of independent directors is opposing the offer
Investment activity expected to remain subdued in 2023, KPMG reports
Protecting independence of advisors was “foremost” in the decision, BridgeForce co-presidents said