First Hawaiian to open Kailua branch

First Hawaiian Bank is opening its new Kailua branch on May 16 with a grand celebration.

The new branch will offer, among other services, a drive-through teller, an ATM, additional safe deposit boxes and free parking.

First Hawaiian will offer entertainment, gift cards from Kailua merchants and the chance to win $1,000 from Foodland. The celebration takes place from 9 a.m. to 1 p.m.

Pepsi Bottling rejects PepsiCo offer

MILWAUKEE » Pepsi Bottling Group Inc. said yesterday that it has rejected what it called a “;grossly inadequate”; acquisition offer from PepsiCo Inc., but analysts said that doesn't mean the deal is over, just that Pepsi needs to offer more money.

The Somers, N.Y.-based Pepsi Bottling Group also looked to shield itself from other bids it deems unfavorable, saying it had approved a stockholder rights plan. Such plans, also known as “;poison pills,”; are commonly used as a way to try to hold off hostile takeover attempts.

The $6 billion proposal for Pepsi Bottling and PepsiAmericas would have let PepsiCo control about 80 percent of its total North American beverage volume.

Black's San Diego paper role defined

SAN DIEGO » Platinum Equity said yesterday it completed its purchase of the San Diego Union-Tribune from Copley Press Inc., the private equity firm's first venture in newspaper publishing.

Copley agreed to sell the Union-Tribune in March for an undisclosed sum eight months after putting it up for sale.

Platinum announced in March its team also will include Oahu Publications Inc. owner David Black, whose company, Black Press Ltd. of Canada, owns dozens of community newspapers, mostly in western Canada, and has expanded in the United States with acquisitions of the Honolulu Star-Bulletin and MidWeek in 2000 and the Akron (Ohio) Beacon Journal in 2006.

Black will be “;a senior adviser and partner”; at the Union-Tribune but will not join its management team or have a day-to-day role at the newspaper, Mark Barnhill, a principal at Platinum, wrote in an e-mail.

Beverly Hills-based Platinum has named Paul Bridwell the chief restructuring officer of San Diego's dominant newspaper. He will be the newspaper's senior executive until a publisher is named.

Platinum hopes that Karin Winner will continue as editor of the paper, Barnhill wrote.