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
