Blue Hill Advisors Announces Increased Cash Offer for Territorial Bancorp

Rhea-AI Summary

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.

Positive

• 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.

Negative

• Potential delay in the merger process due to the new offer and the need for shareholder vote changes.

Raises Cash Offer from $12.00 to $12.50, a 27% Premium to the Value of the Hope Takeover

Releases Presentation: "A Better Deal for Territorial"

Launches www.NewTerritorial.com to Keep Stakeholders Informed of the Latest Developments

HONOLULU, Sept. 26, 2024 /PRNewswire/ -- Blue Hill Advisors LLC ("Blue Hill") and former Hawaii banking executive Allan Landon today announced an increased cash offer for Territorial Bancorp Inc. ("Territorial" or the "Company") (NASDAQ: TBNK) from $12.00 per share to $12.50 per share. The increased offer represents a 27% premium over Territorial's proposed takeover by Hope Bancorp, Inc. ("Hope") (NASDAQ: HOPE) based on Hope's closing stock price on the Nasdaq on September 25.

"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 $3 billion in assets under management that have completed dozens of similar bank transactions in recent years. The presentation reiterates the investors' confidence in the transaction, and their expectation to complete due diligence quickly and close the transaction by the end of the year.

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 U.S. Securities and Exchange Commission (the "SEC") on August 22, 2024.

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, 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.

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SOURCE Blue Hill Advisors

FAQ

What is the new cash offer for Territorial Bancorp by Blue Hill Advisors?

Blue Hill Advisors increased their cash offer for Territorial Bancorp from $12.00 to $12.50 per share.

How does Blue Hill's offer compare to Hope Bancorp's offer?

Blue Hill's new offer represents a 27% premium over Hope Bancorp's proposed takeover based on Hope's closing stock price on September 25.

What is the deadline for Territorial shareholders to change their vote?

Territorial shareholders can change their vote before the October 10 special meeting.

Where can Territorial shareholders find more information about Blue Hill's proposal?

Shareholders can visit www.NewTerritorial.com for more information and updates on Blue Hill's proposal.

What is the confidence level of the investors behind Blue Hill's proposal?

The investors behind Blue Hill's proposal have expressed confidence in completing due diligence quickly and closing the transaction by the end of the year.