01:05 PM EDT, 09/26/2024 (MT Newswires) -- Blue Hill Advisors said Thursday it was raising its cash offer for Territorial Bancorp ( TBNK ) by $0.50 to $12.50 per share.

The firm is looking to acquire the bank in a joint bid with Hawaii banking executive Allan Landon.

"This increase makes our offer even more attractive," Landon said in a statement.

Territorial Bancorp ( TBNK ) last week rejected Blue Hill Advisors' unsolicited acquisition bid and reaffirmed its commitment to the proposed buyout by Hope Bancorp ( HOPE ) .

"The unsolicited letter from Blue Hill claims to provide a nominally higher purchase price, but there are significant factors making the proposal highly uncertain and inferior to the merger agreed upon with Hope," Territorial Bancorp ( TBNK ) Chief Executive Officer Allan Kitagawa said at the time.

The new offer represents a 27% premium over Territorial's deal with Hope, based on Hope's share price at market close on Wednesday.

Territorial did not immediately respond to requests for comment from MT Newswires. Its shares were up 4% in recent trading. Hope was trading 2% up.

Price: 10.34, Change: +0.40, Percent Change: +3.97