Blue Hill Advisors LLC and former Bank of Hawaii CEO Allan Landon announced Tuesday that Institutional Shareholder Services Inc., an independent proxy advisory firm, has recommended that shareholders of Territorial Bancorp Inc. vote against the proposed merger between Territorial and Los Angeles-based Hope Bancorp Inc. at Territorial’s shareholders meeting Oct. 10.
In its report, ISS said Hope’s takeover of Territorial is not in the best interest of the company’s shareholders because Hope’s offer does not appear to maximize the value for shareholders. ISS said Hope’s merger agreement restrictions accepted by the board limit Territorial’s ability to engage with a competing bidder and that the deal was announced when Territorial was near its all-time low trading price.
Blue Hill raised its offer last week for Territorial to $12.50 per share, up from an earlier $12-per-share offer. Territorial’s stock closed Tuesday at $10.16.
Hope has a pending agreement to buy the parent of Territorial Savings Bank, Hawaii’s fifth largest, for 0.8 share of Hope stock in exchange for each Territorial share they own.
Territorial says Blue Hill’s offer is inferior in part due to a lack of information about the investors and their ability to complete a purchase.
Mission brings bon dance festival to Windward Mall
A bon dance festival at Windward Mall will celebrate the 100th anniversary of the Kaneohe Higashi Hongwanji Mission from 3:45 to 8:45 pm. on Saturday.
Windward Buddhist Temple is co-sponsoring the community event with food, entertainment and Japanese items for sale.
Higashi Hongwanji’s table, located in front of the Victoria’s Secret store, will offer baked crispy manju, sekihan rice, edamame rice and chichi dango for sale. Yukatas, kimonos, obis, Japanese antique treasures, tea sets, sake sets, dishes and crafts will also be available.
Everyone who owns a kimono or yukata is encouraged to wear it to the dance, or bring it to the temple’s table at 4 p.m. for complimentary help with dressing.
The Hongwanji temple at 45-520 Keaahala Road was built in 1964 by members and community volunteers. It replaced the cottage used by original members, who were Japanese immigrants gathering as a Buddhist study group.
The temple will hold a special service for the public at 9:30 a.m. Oct. 19, followed by an invitation-only luncheon. For information, call 808-247-2661 or email kaneohe@hhbt-hi.org.
