Discover the latest developments as Evercore ISI maintains its In Line rating on Hawaiian Electric (NYSE:HE) amidst discussions of a potential acquisition of its subsidiary, American Savings Bank (ASB), by Central Pacific Financial. This move could bring in $400-540 million for Hawaiian Electric, with Central Pacific seeking to raise $1 billion to finance the acquisition. Here's what you need to know:
Key Points:
- Central Pacific Financial is in discussions to acquire ASB, a subsidiary of Hawaiian Electric.
- The potential sale could bring in $400-540 million for Hawaiian Electric.
- Central Pacific is seeking to raise $1 billion to fund the acquisition.
- Investors have expressed confidence in Hawaiian Electric's ability to raise the necessary capital.
InvestingPro Insights:
Central Pacific Financial has shown strong financial performance with a significant price uptick over the last six months. The company's dividend payments for 12 consecutive years offer reassurance to shareholders. Analysts predict the company will be profitable this year, signaling a positive outlook for potential investors.
These insights are crucial for understanding the potential impact of the acquisition on Hawaiian Electric and Central Pacific Financial, as well as the broader financial landscape. Stay tuned for more updates on this developing story.
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