Blue Hill Advisors and Investors Reiterate Superior Proposal for Territorial Bancorp and Refute Territorial's Assertions
Blue Hill Advisors and former Hawaii banking executive Allan Landon have reiterated their $12.50 per share cash offer for Territorial Bancorp Inc. (NASDAQ: TBNK), maintaining it as superior to the proposed merger with Hope Bancorp, Inc. (NASDAQ: HOPE). They urge shareholders to oppose the Hope merger, citing it as the second lowest valuation of an announced bank merger since 1983.
The investors argue that the Hope merger undervalues Territorial and would result in significant dilution for shareholders. They refute Territorial's claims about the merger's benefits, stating that it would actually result in a 7% discount to Territorial's current share price and lead to substantial job cuts.
Blue Hill Advisors emphasizes that their proposal offers a 26% premium and the opportunity for shareholders to participate in Territorial's recovery. They call on Territorial's Board to engage with their offer and urge shareholders to vote against the Hope merger at the upcoming November 6 special meeting.
Blue Hill Advisors e l'ex dirigente bancario delle Hawaii Allan Landon hanno ribadito la loro offerta in contanti di $12.50 per azione per Territorial Bancorp Inc. (NASDAQ: TBNK), mantenendola come superiore alla fusione proposta con Hope Bancorp, Inc. (NASDAQ: HOPE). Invitano gli azionisti a opporsi alla fusione con Hope, citandola come la seconda valutazione più bassa di una fusione bancaria annunciata dal 1983.
Gli investitori sostengono che la fusione con Hope svaluta Territorial e comporterebbe una significativa diluizione per gli azionisti. Ribattono alle affermazioni di Territorial sui vantaggi della fusione, dichiarando che in realtà comporterebbe uno sconto del 7% rispetto al prezzo attuale delle azioni di Territorial e porterebbe a notevoli tagli di posti di lavoro.
Blue Hill Advisors sottolinea che la loro proposta offre un premio del 26% e l'opportunità per gli azionisti di partecipare alla ripresa di Territorial. Chiedono al Consiglio di Territorial di esaminare la loro offerta e incitano gli azionisti a votare contro la fusione con Hope nella prossima riunione speciale del 6 novembre.
Blue Hill Advisors y el ex ejecutivo bancario de Hawái Allan Landon han reiterado su oferta en efectivo de $12.50 por acción para Territorial Bancorp Inc. (NASDAQ: TBNK), manteniéndola como superior a la fusión propuesta con Hope Bancorp, Inc. (NASDAQ: HOPE). Instan a los accionistas a oponerse a la fusión con Hope, citándola como la segunda valoración más baja de una fusión bancaria anunciada desde 1983.
Los inversores argumentan que la fusión con Hope devalúa a Territorial y resultaría en una dilución significativa para los accionistas. Refutan las afirmaciones de Territorial sobre los beneficios de la fusión, afirmando que en realidad resultaría en un descuento del 7% del precio actual de las acciones de Territorial y llevaría a recortes de empleo sustanciales.
Blue Hill Advisors enfatiza que su propuesta ofrece un premio del 26% y la oportunidad para los accionistas de participar en la recuperación de Territorial. Hacen un llamado a la Junta de Territorial para que se involucren con su oferta y piden a los accionistas que voten en contra de la fusión con Hope en la próxima reunión especial del 6 de noviembre.
블루 힐 어드바이저스와 하와이 전 은행 경영진 앨런 랜던은 Territorial Bancorp Inc.(NASDAQ: TBNK)에 대한 주당 12.50달러 현금 제안을 재확인하며, 이를 Hope Bancorp, Inc.(NASDAQ: HOPE)와의 합병 제안보다 우수하다고 주장하고 있습니다. 그들은 주주들에게 Hope 합병에 반대할 것을 촉구하며, 이를 1983년 이후 발표된 은행 합병 중 두 번째로 낮은 평가로 언급하고 있습니다.
투자자들은 Hope 합병이 Territorial의 가치를 저평가하고 주주들에게 상당한 희석을 초래할 것이라고 주장하고 있습니다. 그들은 합병의 이점에 대한 Territorial의 주장을 반박하며, 실제로 Territorial의 현재 주가보다 7% 할인된 가격으로 이어지고 상당한 일자리 삭감을 초래할 것이라고 말했습니다.
블루 힐 어드바이저스는 그들의 제안이 26% 프리미엄을 제공하며 주주들이 Territorial의 회복에 참여할 기회를 제공한다고 강조합니다. 그들은 Territorial의 이사회가 그들의 제안에 참여할 것을 촉구하고, 주주들에게 오는 11월 6일 특별 회의에서 Hope 합병에 반대 투표할 것을 요청합니다.
Blue Hill Advisors et l’ancien dirigeant bancaire d’Hawaï, Allan Landon ont réaffirmé leur offre en espèces de 12,50 $ par action pour Territorial Bancorp Inc. (NASDAQ: TBNK), la maintenant comme supérieure à la fusion proposée avec Hope Bancorp, Inc. (NASDAQ: HOPE). Ils exhortent les actionnaires à s'opposer à la fusion avec Hope, la qualifiant de deuxième évaluation la plus basse d'une fusion bancaire annoncée depuis 1983.
Les investisseurs soutiennent que la fusion avec Hope dévalue Territorial et entraînerait une dilution significative pour les actionnaires. Ils réfutent les affirmations de Territorial concernant les avantages de la fusion, affirmant qu'elle entraînerait en fait un rabais de 7% par rapport au prix actuel de l'action de Territorial et conduirait à d'importantes suppressions d'emplois.
Blue Hill Advisors souligne que leur proposition offre une prime de 26% et l'occasion pour les actionnaires de participer à la reprise de Territorial. Ils appellent le Conseil de Territorial à s'engager avec leur offre et exhortent les actionnaires à voter contre la fusion avec Hope lors de la prochaine réunion spéciale du 6 novembre.
Blue Hill Advisors und der ehemalige Bankmanager von Hawaii, Allan Landon haben ihr Barangebot von 12,50 $ pro Aktie für Territorial Bancorp Inc. (NASDAQ: TBNK) bekräftigt und halten es für überlegen im Vergleich zur vorgeschlagenen Fusion mit Hope Bancorp, Inc. (NASDAQ: HOPE). Sie fordern die Aktionäre auf, sich gegen die Fusion mit Hope auszusprechen, da diese als zweithöchste Bewertung einer angekündigten Bankenfusion seit 1983 bezeichnet wird.
Die Investoren argumentieren, dass die Fusion mit Hope Territorial unterbewertet und zu einer signifikanten Verwässerung der Aktien für die Aktionäre führen würde. Sie bestreiten die Behauptungen von Territorial über die Vorteile der Fusion und erklären, dass sie tatsächlich zu einem 7% Rabatt auf den aktuellen Aktienkurs von Territorial führen und zu erheblichen Arbeitsplatzverlusten führen würde.
Blue Hill Advisors hebt hervor, dass ihr Vorschlag einen 26% Aufschlag bietet und den Aktionären die Möglichkeit gibt, an der Erholung von Territorial teilzunehmen. Sie fordern den Vorstand von Territorial auf, sich mit ihrem Angebot zu befassen und drängen die Aktionäre, bei der kommenden außerordentlichen Sitzung am 6. November gegen die Fusion mit Hope zu stimmen.
- Blue Hill Advisors offers a superior $12.50 per share cash offer for Territorial Bancorp
- The investor proposal provides a 26% premium to shareholders
- Investors possess over $3 billion AUM in aggregate, ensuring sufficient liquidity for the proposed investment
- Hope merger would result in a 7% discount to Territorial's current share price
- Proposed Hope merger plans to cut >25% of Territorial's operating expenses ($10.5 million)
- Territorial shareholders would own only 5.6% of the combined company in the Hope merger
- Territorial has slashed its dividend from 23 cents to 1 cent over the last year
Insights
The ongoing battle for Territorial Bancorp presents a complex situation for investors. Blue Hill Advisors and partners are offering a
Key points to consider:
- The Hope merger would result in significant dilution for Territorial shareholders, giving them only
5.6% ownership in the combined entity. - Hope plans to cut
>25% of Territorial's operating expenses, potentially impacting local operations. - Regulatory approvals for the Hope merger are still pending from four different agencies.
- The Blue Hill offer provides an immediate premium and potential upside, while the Hope merger offers near-term benefits for Territorial shareholders.
Investors should carefully weigh the competing offers, considering both immediate value and long-term prospects. The situation remains fluid, with the potential for further developments before the November 6 special meeting.
The competing offers for Territorial Bancorp raise several legal and regulatory considerations:
- Fiduciary duty: Territorial's board must act in shareholders' best interests. Their rejection of the higher Blue Hill offer could be scrutinized.
- Disclosure obligations: Both parties are making claims about their proposals. Ensuring accurate and complete disclosures is important to avoid potential SEC violations.
- Regulatory approvals: The Hope merger requires approvals from four agencies, which introduces uncertainty and potential delays.
- Shareholder rights: Investors have the right to change their votes before the special meeting, which could impact the outcome.
- Non-control investments: Blue Hill's proposal involves non-controlling stakes, which may simplify the regulatory process compared to a full acquisition.
These legal aspects underscore the complexity of the situation and the importance of due diligence and transparency throughout the process.
Reaffirm Commitment to Superior
Correct the Record on Board's Misleading Claims About the Hope Merger and Investor Proposal
Call on Shareholders to Remain Opposed to Merger with Hope as Board Refuses to Engage Toward Better Offer
Provide Updated Shareholder Presentation
"Shareholders should reject the fire-sale price that Hope is paying for Territorial," said Jason Blumberg, Managing Member of Blue Hill Advisors. "It is unfortunate that Territorial's Board has resorted to delays and misinformation instead of engaging with a better offer. The Board is giving shareholders little choice but to emphatically oppose the merger with Hope."
"We remain committed to our superior offer and are ready to move quickly through due diligence and closing if the Board changes their position," said Mr. Landon.
The updated presentation, which can be found at www.NewTerritorial.com, makes the case for opposing the Hope "merger" on the grounds that it was struck at the worst possible time for shareholders, dramatically undervalues Territorial and deprives shareholders of any recovery in the value of their shares due to the massive dilution they would suffer. In stark contrast, the investor proposal provides a substantial
In addition, the presentation lays bare and corrects the record on Territorial's numerous false and misleading claims including:
Misleading Claims About Hope Merger | Fact Check | Fact |
Shareholders will receive a | FALSE | Shareholders would receive |
The Hope merger is good for employees | FALSE | Hope plans to cut > |
Territorial shareholders should be happy about getting an | FALSE | Territorial has slashed its dividend from |
Territorial shareholders will benefit longer term from a combination with Hope | FALSE | Hope shareholders will reap the rewards while Territorial shareholders will own a paltry |
The Hope merger is close to receiving the required regulatory approvals | FALSE | The Hope merger requires regulatory approvals from four different federal and state banking agencies, the status of which is unknown |
Hope is a safe and attractive investment | FALSE | Hope's balance sheet is saddled with risky commercial real estate loans at a time when those assets are under intense regulatory pressure and scrutiny |
Territorial will remain a local bank | FALSE | Hope is headquartered in |
Misleading Claims About Investor Proposal | Fact Check | Fact |
The proposal is from Blue Hill Advisors | FALSE | The proposal is from six discrete experienced bank investors and former |
The investors are seeking to acquire or otherwise take control of Territorial | FALSE | The six discrete investors will each make a non-controlling investment in Territorial |
The investors don't have the financing to complete the proposed investment | FALSE | The investors possess over |
The investors would have a tough time securing regulatory approval | FALSE | The investors' non-control regulatory approval process is straightforward and has been completed by numerous investors |
The tender offer is unlikely to be successful | FALSE | A leading proxy solicitation firm has indicated that our |
In addition to the updated presentation, investors can find more information on the superior proposal at www.NewTerritorial.com.
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.
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 per share for Territorial Bancorp (TBNK) proposed by Blue Hill Advisors?
How does the Blue Hill Advisors offer compare to the Hope Bancorp (HOPE) merger proposal for Territorial Bancorp?
When is the special meeting for Territorial Bancorp shareholders to vote on the Hope merger?
What percentage of the combined company would Territorial shareholders own in the Hope (HOPE) merger?
