The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

Territorial investor vows to vote against Hawaiian company’s sale

An investor in Territorial Bancorp has vowed to vote against the Honolulu company’s pending sale to Hope Bancorp in Los Angeles.

Yakira Capital Management in Westport, Conn., which owns about 1.2% of the $2.2 billion-asset Terrotorial’s common stock, said in a press release that the company’s board “is not acting in the best financial interest of its shareholders” by refusing to discuss an alternative proposal presented by an investor group.

“We are very concerned over the [board’s] refusal to engage in discussions with the investor consortium led by Blue Hill Advisors,” Yakira said, noting that the investor group’s offer of $12.50 a share is more than 25% higher than the Hope deal.

“Since the Blue Hill proposal was made public, we have implored Territorial’s management to open negotiations with Blue Hill,” Yakira added.

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