Blue Hill Advisors and Investors Reaffirm Commitment to Territorial Transaction; Will Stand by Offer if Hope Deal Terminates
Former Hawaii banking executive Allan Landon, Blue Hill Advisors, and other leading bank investors have reaffirmed their commitment to completing a transaction with Territorial Bancorp Inc. They stand ready to execute their proposed cash transaction if shareholders vote down the sale to Hope Bancorp, Inc. at the adjourned Special Meeting on November 6, 2024. The investors urge Territorial shareholders to focus on five key points:
1. The Board's sale process was flawed
2. The investors' offer is likely a superior proposal
3. The Board rejects requests to discuss the proposal
4. Territorial's prospects have improved dramatically
5. ISS recommends voting against the Hope deal
The investors' $12.50 cash proposal represents a substantial premium to the current value of the Hope merger consideration. They encourage shareholders to vote AGAINST the Hope sale and contact Blue Hill Advisors for more information.
L'ex dirigente bancario delle Hawaii, Allan Landon, Blue Hill Advisors e altri importanti investitori bancari hanno ribadito il loro impegno a completare una transazione con Territorial Bancorp Inc. Sono pronti a eseguire la loro proposta di transazione in contante se gli azionisti bocceranno la vendita a Hope Bancorp, Inc. durante la riunione speciale per il rinvio del 6 novembre 2024. Gli investitori esortano gli azionisti di Territorial a concentrarsi su cinque punti chiave:
1. Il processo di vendita del Consiglio è stato flawed
2. L'offerta degli investitori è probabilmente una proposta superiore
3. Il Consiglio rifiuta le richieste di discutere la proposta
4. Le prospettive di Territorial sono migliorate drasticamente
5. ISS raccomanda di votare contro l'accordo con Hope
La proposta in contante di 12,50 dollari degli investitori rappresenta un sostanziale premio rispetto all'attuale valore della considerazione della fusione con Hope. Incoraggiano gli azionisti a votare CONTRO la vendita a Hope e a contattare Blue Hill Advisors per ulteriori informazioni.
El ex ejecutivo bancario de Hawái, Allan Landon, Blue Hill Advisors y otros importantes inversores bancarios han reafirmado su compromiso de completar una transacción con Territorial Bancorp Inc. Están listos para ejecutar su propuesta de transacción en efectivo si los accionistas votan en contra de la venta a Hope Bancorp, Inc. en la reunión especial aplazada del 6 de noviembre de 2024. Los inversores instan a los accionistas de Territorial a centrarse en cinco puntos clave:
1. El proceso de venta de la Junta fue defectuoso
2. La oferta de los inversores es probablemente una propuesta superior
3. La Junta rechaza las solicitudes para discutir la propuesta
4. Las perspectivas de Territorial han mejorado drásticamente
5. ISS recomienda votar en contra del acuerdo con Hope
La propuesta en efectivo de 12,50 dólares de los inversores representa una prima sustancial sobre el valor actual de la consideración de la fusión con Hope. Animan a los accionistas a votar EN CONTRA de la venta a Hope y a contactar con Blue Hill Advisors para más información.
하와이의 전 은행 경영진인 앨런 랜돈, 블루 힐 어드바이저스 및 기타 주요 은행 투자자들은 테리토리얼 뱅콥 Inc와의 거래 완료에 대한 의지를 재확인했습니다. 주주들이 2024년 11월 6일 연기된 특별 회의에서 호프 뱅콥, Inc.에 대한 판매를 반대할 경우 그들이 제안한 현금 거래를 실행할 준비가 되어 있습니다. 투자자들은 테리토리얼 주주들에게 다섯 가지 핵심 사항에 집중할 것을 촉구합니다:
1. 이사회 판매 과정에 결함이 있었습니다
2. 투자자들의 제안은 아마도 더 우수한 제안입니다
3. 이사회는 제안 논의를 거부합니다
4. 테리토리얼의 전망이 극적으로 개선되었습니다
5. ISS는 호프 거래에 반대 투표할 것을 권장합니다
투자자들의 12.50달러 현금 제안은 현재 호프 합병 고려 사항의 가치에 비해 상당한 프리미엄을 나타냅니다. 그들은 주주들에게 호프 매각에 반대 투표하고 블루 힐 어드바이저스에 더 많은 정보를 요청할 것을 권장합니다.
L'ancien dirigeant bancaire d'Hawaï, Allan Landon, Blue Hill Advisors et d'autres investisseurs bancaires de premier plan ont réaffirmé leur engagement à finaliser une transaction avec Territorial Bancorp Inc. Ils sont prêts à exécuter leur proposition de transaction en espèces si les actionnaires rejettent la vente à Hope Bancorp, Inc. lors de l'assemblée générale extraordinaire ajournée du 6 novembre 2024. Les investisseurs exhorte les actionnaires de Territorial à se concentrer sur cinq points clés :
1. Le processus de vente du Conseil était défectueux
2. L'offre des investisseurs est probablement une proposition supérieure
3. Le Conseil rejette les demandes de discussion de la proposition
4. Les perspectives de Territorial se sont considérablement améliorées
5. ISS recommande de voter contre l'accord avec Hope
La proposition de 12,50 $ en espèces des investisseurs représente une prime substantielle par rapport à la valeur actuelle de la considération de fusion avec Hope. Ils encouragent les actionnaires à voter CONTRE la vente à Hope et à contacter Blue Hill Advisors pour plus d'informations.
Der ehemalige Bankmanager von Hawaii, Allan Landon, Blue Hill Advisors und andere führende Bankeninvestoren haben ihr Engagement zur Durchführung einer Transaktion mit Territorial Bancorp Inc bekräftigt. Sie sind bereit, ihre vorgeschlagene Barkapitaltransaktion umzusetzen, falls die Aktionäre den Verkauf an Hope Bancorp, Inc. auf der vertagten außerordentlichen Hauptversammlung am 6. November 2024 abgelehnt. Die Investoren fordern die Territorial-Aktionäre auf, sich auf fünf zentrale Punkte zu konzentrieren:
1. Der Verkaufsprozess des Aufsichtsrats war fehlerhaft
2. Das Angebot der Investoren ist wahrscheinlich ein überlegener Vorschlag
3. Der Aufsichtsrat lehnt Anfragen zur Diskussion des Vorschlags ab
4. Die Aussichten von Territorial haben sich dramatisch verbessert
5. ISS empfiehlt, gegen den Deal mit Hope zu stimmen
Das Bargeldangebot der Investoren von 12,50 US-Dollar stellt eine erhebliche Prämie im Vergleich zum aktuellen Wert der Überlegungen zur Fusion mit Hope dar. Sie ermutigen die Aktionäre, gegen den Verkauf an Hope zu stimmen und Blue Hill Advisors für weitere Informationen zu kontaktieren.
- Investors offer $12.50 cash per share, a substantial premium to Hope's merger consideration
- Proposal includes opportunity for up to 30% of Territorial shareholders to participate in recovery
- ISS recommends voting against the Hope deal
- Territorial's prospects have improved due to expected lower interest rates
- Territorial's Board rejects requests to discuss the investors' proposal
- Board struck a deal with Hope near the stock's all-time-low price
- Hope deal values Territorial at the second lowest bank sale multiple in recorded history
Insights
This news is significant for Territorial Bancorp (TBNK) shareholders but has direct impact on Hope Bancorp (HOPE) investors. The key points are:
- Blue Hill Advisors and investors are reaffirming their
$12.50 per share cash offer for TBNK, which they claim is superior to Hope's offer. - They urge TBNK shareholders to vote against the Hope deal at the November 6 meeting.
- If the Hope deal is terminated, they commit to maintaining their offer on the same terms.
- ISS, a proxy advisory firm, has recommended voting against the Hope deal.
For HOPE investors, this creates uncertainty around the acquisition. If TBNK shareholders reject the deal, HOPE may need to improve its offer or risk losing the acquisition. This could potentially impact HOPE's growth strategy and near-term financial outlook. However, the direct financial impact on HOPE is , as no break-up fee is mentioned. The market's reaction to this news will be important to watch, as it may affect HOPE's stock price in the short term.
Reiterate Desire to Engage Directly with the Board, Not in a Public Fight
Commit to Completing Transaction on the Same Proposed Terms if Sale to Hope Terminates
Urge Territorial Shareholders to Vote AGAINST Hope Sale Again at the Adjourned Special Meeting of Stockholders on November 6, 2024
Mr. Landon and the investors, which also include O'Brien-Staley Partners and veteran bank investor Mark Lynch, have favored a collaborative approach with Territorial's Board of Directors (the "Board"). However, the Board has rejected multiple requests by the investors to engage in direct discussions. In the event that the sale to Hope terminates, Mr. Landon and the investors stand ready to speak with the Board in November and to diligently execute the proposed cash transaction on the current terms shortly thereafter.
"Our goal all along has been to engage in constructive dialogue with Territorial about this superior offer for shareholders, employees, customers and the
The investors urge Territorial shareholders not to be distracted by the numerous letters, presentations and press releases put out by Territorial's Board and advisors over the last few weeks. Instead, they encourage shareholders to focus on five simple points:
- The Board's sale process was flawed. The Board struck a deal with Hope near the stock's all-time-low price, after a nearly
70% decline and a limited sales process involving only two other potential buyers. Shares of Territorial have consistently traded at a premium to the implied value of the Hope merger consideration since the investors made their proposal public, reflecting shareholder expectations for a better transaction. - The investors believe that their offer is reasonably likely to be considered a superior proposal. The investors'
$12.50 30% of Territorial shareholders (and potentially more depending on shareholder and Board feedback) the opportunity to participate in Territorial's recovery. Meanwhile, the Board approved a sale that values Territorial at the second lowest bank sale multiple in recorded history. - The Board continues to reject requests to discuss the investors' proposal. Mr. Landon and the investors have repeatedly offered to work collaboratively with the Board and share more information about their proposal. The investors are not interested in perpetuating a public back-and-forth or subjecting themselves to Territorial's misleading assertions.
- Territorial's prospects have improved dramatically. Since the sale to Hope was announced in April 2024, the banking sector has rallied on the expectation of lower interest rates, which would disproportionately benefit Territorial via repricing of its higher cost wholesale funding. There is simply no reason for shareholders to accept a sale that values Territorial at the second lowest bank sale multiple on record.
- A leading independent proxy advisory firm has recommended voting against the sale to Hope. Institutional Shareholder Services Inc. ("ISS") has recommended that shareholders vote AGAINST the Hope deal. The deal terms on which that recommendation was based have not changed. In its report, ISS noted that "the competing offer from Blue Hill appears sufficiently credible to mitigate the downside risk of rejecting the proposed merger" and that the Hope deal "does not appear to maximize value for shareholders."
More information on the investor proposal can be found at www.NewTerritorial.com and in a presentation titled, "A Better Deal for Territorial".
Territorial shareholders are encouraged to contact Blue Hill Advisors for more information or to contact Territorial's Board to express their support for this proposal. Shareholders who have already voted FOR the Hope merger but who wish to change their vote can still do so before the November 6 special meeting of Territorial stockholders by following the instructions for changing votes as described in the prospectus that Hope filed with the
Contacts
For Media:
Breitenbush Partners
Andrew Wilson, 773-425-4991
awilson@breitenbushpartners.com
For Investors:
Blue Hill Advisors
Jason Blumberg, 917-733-0381
jason@bluehilladv.com
About Blue Hill Advisors
Blue Hill Advisors is an advisor to and investor in regional and community banks. The firm looks for opportunities that it believes have been substantially mispriced by the market and seeks to build long-term value through active management.
About OSP
O'Brien-Staley Partners (OSP) operates across four discrete financial business strategies: alternative asset management; market-rate impact investing; nationwide loan servicing; and deposit management. Founded by Jerry O'Brien and Warren Staley in 2010, OSP is imbued with the core credit and fundamental investing discipline, risk management and governance DNA that has long been recognized as hallmarks of their personal and professional brands. https://osp-group.com
FORWARD-LOOKING STATEMENTS
Certain statements and information contained in this communication may be forward looking in nature and may constitute forward-looking statements. Forward-looking statements include all statements that are not historical facts and can typically be identified by words such as "may", "will ", "expect", "could", "should", "intend", "commit", "estimate", "anticipate", "believe", "remain", "on track", "design", "target", "objective", "goal", "forecast", "projection", "outlook", "prospects", "plan", "intend", or similar terminology, including by way of example and without limitation plans, intentions and expectations regarding the proposal to acquire Territorial and the anticipated results, benefits, synergies, costs, timing and other expectations of the benefits of a potential transaction.
Forward-looking statements are related to future, not past, events and are not guarantees of future performance. These statements are based on current expectations and projections about future events and, by their nature, address matters that are, to different degrees, uncertain and are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future, and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including, among other things, the ability of Territorial, on the one hand, and Blue Hill Advisors and certain other investors (collectively, the "Investors"), on the other hand, to agree on terms for the proposed transaction and, in the event a definitive transaction agreement is executed, the ability of the parties to obtain any necessary shareholder and regulatory approvals and financing, to satisfy any other conditions to the closing of the transaction and to consummate the proposed transaction on a timely basis, as well as changes in general economic, financial and market conditions and other changes in business conditions, changes in regulations, and many other factors, most of which are outside of the control of the Investors. The Investors expressly disclaim and do not assume any liability in connection with any inaccuracies in any of these forward-looking statements or in connection with any use by any party of such forward-looking statements. Any forward-looking statements contained in this communication speaks only as of the date of this communication.
The Investors undertake no obligation to update or revise its outlook or forward-looking statements, whether as a result of new developments or otherwise. Names, organizations and company names referred to may be the trademarks of their respective owners. This communication does not represent investment advice, a solicitation, a recommendation, an invitation, an offer for the purchase or sale of financial products and/or of any kind of financial services as contemplated by the laws in any country or state.
NO OFFER OR SOLICITATION
This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the
ADDITIONAL INFORMATION AND WHERE TO FIND IT
This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. This communication relates to a proposal that Investors have made for a transaction with Territorial. In furtherance of this proposal and subject to future developments, Investors or certain affiliated entities (and, if a negotiated transaction is agreed to, Territorial) may file one or more registration statements, proxy statements, tender offer statements or other documents with the SEC. This communication is not a substitute for any proxy statement, registration statement, tender offer statement, prospectus or other document Investors or any of their affiliates and/or Territorial may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF TERRITORIAL ARE URGED TO READ THE PROXY STATEMENT(S), REGISTRATION STATEMENT, TENDER OFFER STATEMENT, PROSPECTUS AND/OR OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Any definitive proxy statement(s) or prospectus(es) (if and when available) will be mailed to stockholders of Territorial, as applicable. Investors and security holders of Territorial will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC through the web site maintained by the SEC at www.sec.gov.
PARTICIPANTS IN THE SOLICITATION
This communication is neither a solicitation of a proxy nor a substitute for any proxy statement or other filings that may be made with the SEC.
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SOURCE Blue Hill Advisors
FAQ
What is the cash offer price proposed by Blue Hill Advisors for Territorial Bancorp (TBNK)?
When is the adjourned Special Meeting of Stockholders for Territorial Bancorp (TBNK) regarding the Hope Bancorp (HOPE) deal?
What does ISS recommend regarding the Hope Bancorp (HOPE) merger with Territorial Bancorp (TBNK)?
How much of Territorial Bancorp (TBNK) can shareholders retain in Blue Hill's proposal?
