SHAREHOLDER NOTICE: Brodsky & Smith Announces an Investigation of Territorial Bancorp, Inc. (Nasdaq – TBNK)
BALA CYNWYD – April 29, 2024 /Globe Newswire/ – Law office of Brodsky & Smith announces that it is investigating potential claims against the Board of Directors of Territorial Bancorp, Inc. (“Territorial Bancorp” or the “Company”) (Nasdaq – TBNK) for possible breaches of fiduciary duty and other violations of federal and state law in connection with the sale of the Company to Hope Bancorp, Inc. (“Hope Bancorp”) (Nasdaq – HOPE). Under the terms of the agreement, Territorial shareholders will receive a fixed exchange ratio of 0.8048 shares of Hope Bancorp common stock in exchange for each share of Territorial common stock they own, in a 100% stock-for-stock transaction valued at approximately $78.6 million. Based on the closing price of Hope Bancorp’s common stock on April 26, 2024, this represents a value of $8.82 per share of Territorial common stock. Upon completion of the transaction, it is expected that Hope Bancorp shareholders will own approximately 94.4% of the combined entity and Territorial shareholders will own approximately 5.6%.
The investigation concerns whether the Territorial Bancorp Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including the dilution to Territorial Bancorp shareholders in the combined company and whether Hope Bancorp is paying fair value to shareholders of the Company. For example, the deal price is below the 52-week high of $16.79 for the Company’s shares.
If you own shares of Territorial Bancorp stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire, or Marc L. Ackerman by email at clients@brodsky-smith.com,or call toll free 855-576-4847.
Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.