Magazine article American Banker

Central Pacific Raises Offer to Buy out CB Bancshares

Magazine article American Banker

Central Pacific Raises Offer to Buy out CB Bancshares

Article excerpt

A year after making its initial buyout offer, Central Pacific Financial Corp. of Honolulu raised its bid for CB Bancshares Inc. 40% Monday, to about $400 million.

The $2.1 billion-asset company said it would pay $22.27 in cash and 2.4 of its shares for each share of CB, which is also in Honolulu.

Clint Arnoldus, Central Pacific's chairman and chief executive officer, said the higher offer reflects the recent improvement of CB's performance. Its stock has climbed nearly 40% since Central Pacific's original offer, and its 2003 income rose 54%, to $20.7 million.

"We are committed to keeping a negotiation process with CBBI and implore CBBI's management and board to sit down with us and bring the two institutions together," Mr. Arnoldus said on a conference call Monday.

But he said the new offer expires April 15 and that if CB does not begin negotiations with his company by the deadline, Central Pacific will drop the buyout bid. …

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