Omnicom Group recommends shareholders reject TRC Capital's mini-tender offerStaff Writer |
Acquisition Mini-tender offers are not subject to many of the investor protections
Omnicom Group announced that it learned of an unsolicited "mini-tender" offer by TRC Capital Corporation to purchase up to 2,000,000 shares of Omnicom's common stock at a price of $71.50 per share in cash.
Omnicom does not endorse TRC Capital's unsolicited mini-tender offer and recommends that shareholders reject the offer of TRC Capital and not tender their shares. Omnicom is not associated with TRC Capital, its mini-tender offer or the mini-tender offer documentation.
Mini-tender offers are not subject to many of the investor protections afforded to larger tender offers, including the filing of disclosure and other tender offer documents with the U.S. Securities and Exchange Commission (SEC) and other procedures mandated by U.S. securities laws.
The SEC has cautioned investors that some bidders making mini-tender offers at below-market prices are, "hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price." ■
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