Under the current agreement, TriCo shareholders are slated to receive 2.095 First Hawaiian shares for each TriCo share held, valuing the stock at $63.12 based on the closing price from July 10, 2026. Once the transaction closes, First Hawaiian investors will control approximately 65% of the combined entity, leaving TriCo shareholders with the remaining 35% stake.

Ademi LLP is scrutinizing the transaction's restrictive clauses, specifically those imposing significant penalties on TriCo should the board pursue superior competing bids. Legal counsel is also examining change-of-control arrangements that grant substantial benefits to TriCo insiders, questioning whether the board prioritized these interests over those of the broader shareholder base.