Ademi LLP is investigating TriCo (NASDAQ: TCBK) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with First Hawaiian.
TriCo shareholders will receive 2.095 First Hawaiian shares for each TriCo share, representing $63.12 per share based on First Hawaiian’s closing stock price on July 10, 2026. Upon closing, First Hawaiian shareholders are expected to own approximately 65% of the combined company, with TriCo shareholders holding the remaining 35%.
TriCo insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for TriCo by imposing a significant penalty if TriCo accepts a competing bid. We are investigating the conduct of the TriCo board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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