1) CBBI is the fourth largest commercial banking organization in Hawaii and controls City Bank, with total deposits of approximately $1.
The proposal by Central Pacific to acquire CBBI and City Bank is opposed by management of CBBI, and CBBI has submitted comments to the Board urging denial on several grounds.
5 million in expenses from operations of subsidiaries acquired from CBBI
in the merger, $5.
The remaining cash of $30,815,347 and 1,556,609 shares of CPF common stock will be issued to CBBI
shareholders who either evidenced no election preference or did not submit a properly completed election form in accordance with the following proration: 41.
Not more than five business days after the completion of the merger, the exchange agent will mail to each holder of shares of CBBI
common stock who did not make a valid election a form of letter of transmittal for use in effecting the surrender of certificates representing their shares in exchange for merger consideration.
The merger consideration to be received by CBBI
shareholders will be approximately $20 in cash plus 2.
All subsequent written and oral forward-looking statements concerning the proposed transaction or other matters attributable to CPF or CBBI
or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.
The registration statement will include a joint proxy statement/prospectus for solicitation of proxies from CPF and CBBI
shareholders, in connection with meetings of such shareholders at a date or dates subsequent hereto.
acted as financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP, and Kobayashi, Sugita & Goda, Attorneys at Law, acted as legal counsel to CBBI
Subject to future developments, CPF may file proxy statements for solicitation of proxies from CBBI
or CPF shareholders, in connection with meetings of such shareholders at a date or dates subsequent hereto and may file a tender offer statement.
Central Pacific's letter to CBBI
states that the offer will remain open until April 15.
This is the third consecutive quarter that CBBI
is paying $0.