03:14 PM EDT, 09/26/2024 (MT Newswires) -- (Updates to reflect Territorial declined comment and the companies' latest stock move in the last paragraph.)

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 declined comment to MT Newswires. Its shares were up 4.3% in recent trading. Hope was trading 1.3% higher.

Price: 10.38, Change: +0.44, Percent Change: +4.39