Territorial Bancorp (TBNK) shareholder Yakira Capital Management said Thursday it is concerned about the bank's refusal to consider a potential superior acquisition offer from the Blue Hill Advisors consortium over its planned merger transaction with Hope Bancorp (HOPE).

The shareholder urged Territorial Bancorp's board of directors to "at least examine" the Blue Hill offer, noting its premium of about 25% to Territorial Bancorp stock's closing price before it announced the merger with Hope Bancorp.

According to Yakira Capital, Territorial Bancorp has expressed concerns over the Blue Hill offer but not declaring it as "potentially likely to lead to a superior proposal" is a breach of their fiduciary duty. The board will be obligated to consider the offer once it is deemed as a potentially superior proposal, Yakira Capita added.

Yakira Capital said it holds about a 1.2% stake in Territorial Bancorp and reiterated its plan to vote against the merger with Hope Bancorp.

Territorial Bancorp did not immediately respond to MT Newswires' request for comment.