The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

Investor group raises stakes in disruptive bid for Hawaii’s Territorial Bancorp

An investor group aiming to disrupt the sale of Territorial Bancorp to Hope Bancorp in Los Angeles has shared more information with Territorial and lowered their tender offer threshold for buying the Honolulu company.

The group, which included banking veteran Allen Landon and Blue Hill Advisors, said in a press release that it disclosed the identity of more of its investors with the $2.2 billion-asset Territorial’s board. The group also lowered a requirement for tendered shares from 70% to 51%.

Territorial had pointed to those issues and reasons why it would not consider the rival offer, which values the company at $12.50 a share.

The shareholder group also disclosed that it has seven “seasoned bank investors” that have pledged about $134 million towards the acquisition, which would surpass the 51% threshold by about $80 million.

The $18.1 billion-asset Hope agreed earlier this year to pay $77.9 million for Territorial. Territorial’s board, which has rejected the Landon-Blue Hill proposal on several occasions, moved the date of its shareholder vote from Oct. 10 to Nov. 6.

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