11:02 AM EDT, 10/24/2024 (MT Newswires) -- Territorial Bancorp ( TBNK ) shareholder Yakira Capital Management said Thursday it is concerned about the bank's refusal to consider a potential superior acquisition offer from the Blue Hill Advisors consortium over its planned merger transaction with Hope Bancorp ( HOPE ) .

The shareholder urged Territorial Bancorp's ( TBNK ) board of directors to "at least examine" the Blue Hill offer, noting its premium of about 25% to Territorial Bancorp ( TBNK ) stock's closing price before it announced the merger with Hope Bancorp ( HOPE ).

According to Yakira Capital, Territorial Bancorp ( TBNK ) has expressed concerns over the Blue Hill offer but not declaring it as "potentially likely to lead to a superior proposal" is a breach of their fiduciary duty. The board will be obligated to consider the offer once it is deemed as a potentially superior proposal, Yakira Capita added.

Yakira Capital said it holds about a 1.2% stake in Territorial Bancorp ( TBNK ) and reiterated its plan to vote against the merger with Hope Bancorp ( HOPE ).

Territorial Bancorp ( TBNK ) did not immediately respond to MT Newswires' request for comment.

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