Blue Hill Doubles Down on Cloak of Secrecy and Unanswered Questions

Core Viewpoint - Territorial Bancorp Inc. strongly criticizes Blue Hill Advisors for failing to provide essential information regarding its ability to finance and complete a proposed acquisition, raising doubts about Blue Hill's credibility and intentions [1][2][4]. Group 1: Blue Hill's Proposal and Concerns - Blue Hill has not addressed fundamental questions about financing, regulatory approval, and completion of the acquisition, leading to increased uncertainty and skepticism about its preliminary indication of interest [1][2]. - Claims made by Blue Hill regarding "capital support" and assets under management (AUM) lack commitment and proof, questioning the legitimacy of its financing capabilities [2]. - Blue Hill has not disclosed the identities of its investors or management team, which raises concerns about transparency and regulatory compliance [2][4]. Group 2: Territorial's Position and Recommendations - The Board of Territorial Bancorp unanimously recommends that shareholders vote in favor of the merger with Hope Bancorp, emphasizing the benefits of the transaction [5][6]. - The merger with Hope Bancorp is structured as a 100% tax-free, stock-for-stock transaction, offering Territorial shareholders a 25% premium based on the stock price prior to the announcement [6]. - The merger is expected to enhance Territorial's business resilience, increase resources for growth, and provide a significant dividend increase for shareholders [7]. Group 3: Regulatory Process and Timeline - Territorial and Hope Bancorp have initiated the regulatory approval process, aiming to close the transaction by the end of 2024 [8].