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Shares of Territorial Bancorp Inc (TBNK) surged over 4% after Blue Hill Advisors LLC, along with former Hawaii banking executive Allan Landon, raised their cash offer for the company from $12.00 to $12.50 per share. The increased offer represents a 27% premium over Territorial’s proposed takeover by Hope Bancorp, Inc. (HOPE), based on Hope’s closing stock price on September 25.
“This increase makes our offer even more attractive,” said Landon. The move has driven high trading volume and reflects overall market optimism, further supported by Wells Fargo’s rise.
As of 1:00 PM, TBNK shares were trading 4.02% higher at $10.34.
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