Territorial Bancorp Board Reaffirms Its Commitment to Proposed Merger with Hope Bancorp
Territorial Bancorp Inc. (TBNK) has reaffirmed its commitment to the proposed merger with Hope Bancorp, announced on April 29, 2024. The Territorial Board has rejected the Blue Hill Group's proposal for a third time, deeming it highly uncertain and inferior to the Hope merger. The Blue Hill Group's latest offer, despite a 4% increase, still leaves many unanswered questions.
Key reasons for rejection include:
- Reliance on potential investments from unnamed investors
- Lack of evidence for securing required regulatory approvals
- Uncertain completion of a tender offer
- Additional conditions, including due diligence
Territorial urges shareholders to vote 'yes' for the Hope Bancorp merger, emphasizing its benefits for shareholders, customers, employees, and communities.
Territorial Bancorp Inc. (TBNK) ha riunito il suo impegno per la proposta di fusione con Hope Bancorp, annunciata il 29 aprile 2024. Il Consiglio Territoriale ha respinto la proposta del Blue Hill Group per la terza volta, considerandola altamente incerta e inferiore a quella di Hope. L'ultima offerta del Blue Hill Group, nonostante un aumento del 4%, solleva ancora molte domande senza risposta.
I motivi principali del rifiuto includono:
- Affidamento su potenziali investimenti da investitori non nominati
- Mancanza di prove per ottenere le necessarie approvazioni regolatorie
- Completamento incerto di un'offerta pubblica di acquisto
- Condizioni aggiuntive, inclusa la due diligence
Territorial invita gli azionisti a votare 'sì' per la fusione con Hope Bancorp, sottolineando i benefici per azionisti, clienti, dipendenti e comunità.
Territorial Bancorp Inc. (TBNK) ha reafirmado su compromiso con la propuesta de fusión con Hope Bancorp, anunciada el 29 de abril de 2024. La Junta Territorial ha rechazado la propuesta del Blue Hill Group por tercera vez, considerándola altamente incierta e inferior a la fusión con Hope. La última oferta del Blue Hill Group, a pesar de un aumento del 4%, aún deja muchas preguntas sin respuesta.
Las principales razones del rechazo incluyen:
- Dependencia de inversiones potenciales de inversores no identificados
- Falta de evidencia para obtener las aprobaciones regulatorias necesarias
- Incertidumbre en la finalización de una oferta pública
- Condiciones adicionales, incluida la debida diligencia
Territorial insta a los accionistas a votar 'sí' por la fusión con Hope Bancorp, enfatizando sus beneficios para los accionistas, clientes, empleados y comunidades.
Territorial Bancorp Inc. (TBNK)는 2024년 4월 29일 발표된 Hope Bancorp와의 합병 제안에 대한 의지를 재확인했습니다. Territorial 이사회는 세 번째로 Blue Hill Group의 제안을 거부했습니다, 이를 매우 불확실하고 Hope 합병보다 열등한 것으로 간주했습니다. Blue Hill Group의 최신 제안은 4% 증가했음에도 불구하고 여전히 해결되지 않은 질문이 많이 남아 있습니다.
거부의 주요 이유는 다음과 같습니다:
- 익명의 투자자로부터의 잠재적 투자 의존
- 필요한 규제 승인 확보에 대한 증거 부족
- 다른 제안 마감 시점 불확실성
- 실사 등 추가 조건
Territorial은 주주들에게 Hope Bancorp와의 합병을 위해 '예' 투표를 할 것을 촉구하고, 주주, 고객, 직원 및 지역 사회에 대한 혜택을 강조했습니다.
Territorial Bancorp Inc. (TBNK) a réaffirmé son engagement pour la fusion proposée avec Hope Bancorp, annoncée le 29 avril 2024. Le conseil d'administration territorial a rejeté pour la troisième fois la proposition du Blue Hill Group, la jugeant hautement incertaine et inférieure à celle de Hope. La dernière offre du Blue Hill Group, malgré une augmentation de 4%, laisse encore de nombreuses questions sans réponse.
Les principales raisons du rejet incluent :
- Compter sur des investissements potentiels d'investisseurs non identifiés
- Manque de preuves pour obtenir les approbations réglementaires requises
- Achèvement incertain d'une offre publique
- Conditions supplémentaires, y compris la diligence raisonnable
Territorial encourage les actionnaires à voter 'oui' pour la fusion avec Hope Bancorp, soulignant ses avantages pour les actionnaires, les clients, les employés et les communautés.
Territorial Bancorp Inc. (TBNK) hat sein Bekenntnis zur vorgeschlagenen Fusion mit Hope Bancorp bekräftigt, die am 29. April 2024 angekündigt wurde. Der Territorialvorstand hat das Angebot der Blue Hill Group zum dritten Mal abgelehnt und betrachtet es als hochgradig unsicher und inferior gegenüber der Fusion mit Hope. Das jüngste Angebot der Blue Hill Group, trotz einer Erhöhung um 4%, lässt weiterhin viele Fragen unbeantwortet.
Die Hauptgründe für die Ablehnung sind:
- Abhängigkeit von potenziellen Investitionen durch nicht benannte Investoren
- Fehlende Nachweise für die Sicherstellung der erforderlichen behördlichen Genehmigungen
- Ungewisse Vollziehung eines öffentlichen Angebots
- Zusätzliche Bedingungen, einschließlich Due Diligence
Territorial drängt die Aktionäre, für die Fusion mit Hope Bancorp mit 'Ja' zu stimmen und hebt die Vorteile für die Aktionäre, Kunden, Mitarbeiter und Gemeinden hervor.
- Territorial Bancorp reaffirms commitment to merger with Hope Bancorp
- Hope Bancorp has already invested in regulatory and shareholder approval processes
- Hope merger represents a traditional merger with a profitable and experienced financial institution
- Detailed due diligence review has been completed for Hope merger
- Blue Hill Group's proposal remains highly uncertain and speculative
- Potential disruption to the Hope merger process due to competing offers
Insights
The reaffirmation of Territorial Bancorp's commitment to the Hope Bancorp merger is a significant development for investors. This decision, made after rejecting Blue Hill's proposal for the third time, demonstrates the board's confidence in the Hope deal's superior value and certainty.
Key points to consider:
- The Hope merger offers a signed agreement and invested capital in regulatory processes, providing greater certainty.
- Blue Hill's proposal relies on unnamed investors and "non-binding indications of interest," introducing substantial risk.
- Regulatory approvals for Blue Hill's investors remain uncertain, while Hope has likely made progress on this front.
- The Hope deal is a traditional merger, whereas Blue Hill's includes a tender offer, adding complexity and uncertainty.
For investors, the board's repeated rejection of Blue Hill's offer, despite a
The board's reaffirmation of the Hope merger carries significant legal implications. By repeatedly rejecting Blue Hill's proposal, Territorial's board is exercising its fiduciary duty to act in the best interests of shareholders. This decision is bolstered by several legal considerations:
- The Hope merger agreement is a binding legal contract, providing a clear path to completion.
- Blue Hill's proposal lacks important legal assurances, including regulatory approval certainty for its unnamed investors.
- The tender offer component in Blue Hill's proposal introduces additional legal complexities and potential regulatory scrutiny.
- Territorial's board has demonstrated due diligence by considering Blue Hill's proposal multiple times, potentially shielding against shareholder litigation.
Investors should note that the proxy statement filed with the SEC provides a detailed account of the board's decision-making process, which could be important in defending against any potential legal challenges to the merger decision.
Again Rejects Blue Hill Proposal as Remaining Highly Uncertain, Inferior to Hope Merger Agreement and Unlikely to Benefit Territorial Shareholders
HONOLULU, Sept. 30, 2024 (GLOBE NEWSWIRE) -- Territorial Bancorp Inc. (“Territorial”) again reaffirmed the commitment of its Board of Directors to the proposed merger with Hope Bancorp, Inc. (“Hope”) that was announced on April 29, 2024. The announcement was made in response to additional information provided to Territorial from, and further information released by, Blue Hill Advisors LLC (“Blue Hill”) on September 26, 2024 regarding the Hope merger and the proposal by unidentified investors and Blue Hill (the “Blue Hill Group”).
“While the latest Blue Hill Group information indicates an increase in their offer by
Mr. Kitagawa continued: “The Territorial Board already carefully considered the proposal on two separate occasions, and each time rejected the proposal for a number of reasons. The Territorial Board has now considered the latest information and, for a third time, has rejected what remains a highly speculative proposal. We again urge shareholders to vote “yes” in favor of the proposed merger with Hope Bancorp.”
The Blue Hill Group proposal was again found to be inferior for the following numerous reasons, among others:
- The Blue Hill Group continues to rely on potential investments from unnamed investors, supported only by “non-binding indications of interest.” In comparison, Hope has entered into a signed merger agreement with Territorial, and has already invested real money in the regulatory and shareholder approval processes.
- The Blue Hill Group proposal continues to provide no evidence to assure the Territorial Board that the unidentified investor group (individually and as a whole) could each secure the required regulatory approvals promptly, if at all.
- The Blue Hill Group continues to include the uncertain completion of a tender offer as a requirement for completion of a transaction. In contrast, the proposed transaction with Hope represents a traditional merger with a profitable and experienced financial institution.
- The Blue Hill Group proposal continues to be subject to a variety of additional conditions, including due diligence. By contrast, a detailed due diligence review has already been completed and only a minimal number of remaining conditions are needed to complete the Hope merger.
The proxy statement mailed to Territorial shareholders details the process the Territorial Board engaged in before entering into a merger agreement with Hope, including its consideration of other strategic alternatives. In addition, the Territorial Board has continued its diligence in repeatedly rejecting what remains an inferior offer.
Territorial continues to note that the proposed merger with Hope is expected to benefit Territorial’s shareholders, customers, employees and the communities in which Territorial operates.
Additional Information about the Hope Merger and Where to Find It
In connection with the proposed Hope Merger, Hope has filed with the U.S. Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4, containing the Proxy Prospectus, which has been mailed or otherwise delivered to Territorial’s stockholders on or about August 29, 2024, as supplemented September 12, 2024. Hope and Territorial may file additional relevant materials with the SEC. INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE PROXY PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR FURNISHED OR WILL BE FILED OR FURNISHED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. You may obtain any of the documents filed with or furnished to the SEC by Hope or Territorial at no cost from the SEC’s website at www.sec.gov.
About Us
Territorial Bancorp Inc., headquartered in Honolulu, Hawaii, is the stock holding company for Territorial Savings Bank. Territorial Savings Bank is a state-chartered savings bank which was originally chartered in 1921 by the Territory of Hawaii. Territorial Savings Bank conducts business from its headquarters in Honolulu, Hawaii, and has 28 branch offices in the state of Hawaii. For additional information, please visit https://www.tsbhawaii.bank.
Contact: Walter Ida
(808) 946-1400
FAQ
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