Blue Hill Advisors Announces Increased Cash Offer for Territorial Bancorp
Blue Hill Advisors and former Hawaii banking executive Allan Landon have increased their cash offer for Territorial Bancorp from $12.00 to $12.50 per share, representing a 27% premium over Hope Bancorp's proposed takeover. Blue Hill released a presentation titled "A Better Deal for Territorial," available at www.NewTerritorial.com, highlighting the superior value of their proposal. The investors behind the offer manage over $3 billion in assets and have a history of successful bank transactions. Territorial shareholders can change their vote before the October 10 special meeting if they wish to support Blue Hill's proposal.
Blue Hill Advisors e l'ex dirigente bancario delle Hawaii, Allan Landon, hanno aumentato la loro offerta in contante per Territorial Bancorp da $12,00 a $12,50 per azione, rappresentando un premio del 27% rispetto all'offerta di acquisizione proposta da Hope Bancorp. Blue Hill ha pubblicato una presentazione intitolata "Un Affare Migliore per Territorial," disponibile su www.NewTerritorial.com, che evidenzia il valore superiore della loro proposta. Gli investitori dietro l'offerta gestiscono oltre $3 miliardi in attivi e hanno una storia di transazioni bancarie di successo. Gli azionisti di Territorial possono cambiare il loro voto prima dell'assemblea speciale del 10 ottobre se desiderano sostenere la proposta di Blue Hill.
Blue Hill Advisors y el ex ejecutivo bancario de Hawái, Allan Landon, han aumentado su oferta en efectivo para Territorial Bancorp de $12.00 a $12.50 por acción, lo que representa una prima del 27% sobre la propuesta de adquisición de Hope Bancorp. Blue Hill lanzó una presentación titulada "Un Mejor Acuerdo para Territorial," disponible en www.NewTerritorial.com, que resalta el valor superior de su propuesta. Los inversores detrás de la oferta gestionan más de $3 mil millones en activos y tienen un historial de transacciones bancarias exitosas. Los accionistas de Territorial pueden cambiar su voto antes de la reunión especial del 10 de octubre si desean apoyar la propuesta de Blue Hill.
블루 힐 어드바이저스(Blue Hill Advisors)와 하와이 전 은행 임원 앨런 랜던(Allan Landon)은 테리토리얼 뱅콥(Territorial Bancorp)에 대한 현금 제안을 주당 $12.00에서 $12.50으로 인상했습니다. 이는 호프 뱅콥(Hope Bancorp)이 제안한 인수보다 27%의 프리미엄을 나타냅니다. 블루 힐은 "테리토리얼을 위한 더 나은 거래(A Better Deal for Territorial)"라는 제목의 발표를 www.NewTerritorial.com에서 공개하며 그들의 제안의 우수한 가치를 강조했습니다. 제안 뒤에 있는 투자자들은 30억 달러 이상의 자산을 관리하고 있으며, 성공적인 은행 거래의 역사를 가지고 있습니다. 테리토리얼 주주들은 블루 힐의 제안을 지지하고 싶다면 10월 10일 특별 회의 전에 투표를 변경할 수 있습니다.
Blue Hill Advisors et l'ancien cadre bancaire d'Hawaï, Allan Landon, ont augmenté leur offre en espèces pour Territorial Bancorp de 12,00 $ à 12,50 $ par action, représentant une prime de 27 % par rapport à la proposition d'acquisition de Hope Bancorp. Blue Hill a publié une présentation intitulée "Une Meilleure Offre pour Territorial," disponible sur www.NewTerritorial.com, mettant en avant la valeur supérieure de leur proposition. Les investisseurs derrière l'offre gèrent plus de 3 milliards $ d'actifs et ont un historique de transactions bancaires réussies. Les actionnaires de Territorial peuvent changer leur vote avant la réunion spéciale du 10 octobre s'ils souhaitent soutenir la proposition de Blue Hill.
Blue Hill Advisors und der ehemalige Bankmanager von Hawaii, Allan Landon, haben ihr Barangebot für Territorial Bancorp von 12,00 $ auf 12,50 $ pro Aktie erhöht, was einen Aufschlag von 27 % gegenüber dem Übernahmeangebot von Hope Bancorp darstellt. Blue Hill veröffentlichte eine Präsentation mit dem Titel "Ein Besseres Angebot für Territorial", die auf www.NewTerritorial.com verfügbar ist und den überlegenen Wert ihres Angebots hervorhebt. Die Investoren hinter dem Angebot verwalten über 3 Milliarden $ an Vermögenswerten und haben eine Geschichte erfolgreicher Banktransaktionen. Die Aktionäre von Territorial können vor der Sonderversammlung am 10. Oktober ihre Stimme ändern, wenn sie das Angebot von Blue Hill unterstützen möchten.
- Increased cash offer from $12.00 to $12.50 per share, a 27% premium over Hope Bancorp's offer.
- Investors behind the offer manage over $3 billion in assets and have a successful track record in bank transactions.
- Potential delay in the merger process due to the new offer and the need for shareholder vote changes.
Insights
The increased cash offer from Blue Hill Advisors for Territorial Bancorp is a significant development that could impact both Territorial and Hope Bancorp shareholders. The new
Key points to consider:
- The higher offer price could pressure Territorial's board to engage with Blue Hill or seek an improved deal from Hope.
- The involvement of funds with over
$3 billion in assets and experience in bank transactions adds credibility to Blue Hill's proposal. - The October 10 special meeting deadline adds urgency to the situation, potentially forcing quick decisions from all parties involved.
- If successful, this could significantly impact Hope's growth strategy and market position in Hawaii.
Investors should closely monitor developments, as the outcome could have material effects on the share prices and future prospects of both Territorial and Hope Bancorp.
This situation presents several legal and regulatory considerations:
- Fiduciary duty: Territorial's board has a fiduciary responsibility to consider all bona fide offers and act in the best interest of shareholders. They may need to reevaluate the Hope deal in light of this higher offer.
- Shareholder rights: The ability for shareholders to change their votes before the special meeting is crucial. This process must be clearly communicated and facilitated to avoid potential legal challenges.
- Regulatory approval: Any new deal would require regulatory approval, which could impact the timeline and feasibility of Blue Hill's proposal to close by year-end.
- Disclosure requirements: Both Blue Hill and Territorial must ensure all communications and disclosures comply with SEC regulations to avoid potential securities law violations.
The launch of www.NewTerritorial.com also raises questions about compliance with proxy solicitation rules. All parties involved should exercise caution in their public statements and ensure full transparency to mitigate legal risks.
Raises Cash Offer from
Releases Presentation: "A Better Deal for Territorial"
Launches www.NewTerritorial.com to Keep Stakeholders Informed of the Latest Developments
"This increase makes our offer even more attractive," said Mr. Landon.
Jason Blumberg, Managing Member of Blue Hill, added, "Shareholders recognize the superiority of our offer and want Territorial to engage with us."
Blue Hill and Mr. Landon also released a presentation titled, "A Better Deal for Territorial". The presentation and other information can be found at www.NewTerritorial.com. Stakeholders are encouraged to visit the site to stay updated on the latest developments.
Among other topics, the presentation highlights the vastly superior value of the Landon and Blue Hill proposal and provides additional information about the investors behind it, which include funds with a total of greater than
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 October 10 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.
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SOURCE Blue Hill Advisors
FAQ
What is the new cash offer for Territorial Bancorp by Blue Hill Advisors?
How does Blue Hill's offer compare to Hope Bancorp's offer?
What is the deadline for Territorial shareholders to change their vote?
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