Blue Hill Advisors and former Hawaii banking executive Allan Landon reiterated their previously announced “superior” $12.50 per share cash offer for Territorial Bancorp (TBNK) and “corrected the record on Territorial’s numerous assertions regarding the proposed merger with Hope Bancorp (HOPE) and the investor proposal.” They also provided an updated presentation urging Territorial shareholders to remain unreservedly opposed to the “merger” between Territorial and Hope, which it said is, “a transaction which carries the second lowest valuation of an announced bank merger since 1983 and came after Territorial shareholders bore a nearly 70% decrease in value over five years.” “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.” The firms said, “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 26% premium or the opportunity to participate in the Territorial’s recovery.”
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