Blue Hill's Preliminary Indication of Interest is Illusory, Non-Binding and Highly Conditional
Blue Hill’s cloak of anonymity creates substantial regulatory risk and uncertainty
Blue Hill is not a well-known entity and appears to lack M&A and regulatory experience with transactions of this size and complexity
Achieving the required tender threshold is highly unlikely
Illusory value could be substantially less than $12.50 per share even if the transaction could actually be completed
Proposed terms transfer value from shareholders to Blue Hill
Blue Hill unlikely to deliver its claimed benefits to Hawaiʻi; rather, its transaction could be detrimental to Hawaiʻi jobs and communities