10:47 AM EDT, 09/17/2024 (MT Newswires) -- Territorial Bancorp ( TBNK ) shareholders should vote against the planned merger with Hope Bancorp ( HOPE ) and "voice their support" for the $12-per- share cash offer by Blue Hill Advisors and other investors, the rival buyers said Tuesday.

"Voting against the Hope merger would send a message that shareholders believe the bank has better options," Jason Blumberg, Blue Hill managing member said.

Blue Hill's proposal was rejected twice by Territorial's board over provisions in the merger agreement with Hope that prohibit pursuing competing deals unless the offer is "reasonably likely to lead to a superior proposal," according to the press release.

Neither Territorial nor Hope immediately responded to MT Newswires' request for comment.

Shares of Territorial were up 2.3% in recent trading.

Price: 9.99, Change: +0.14, Percent Change: +1.42