Medtronic is urging its shareholders to reject a below-market, unsolicited mini-tender offer by TRC Capital Investment Corporation.
The company said that TRC made an offer to purchase up to 1.5 million Medtronic shares, representing about 0.1% of the company's outstanding ordinary shares. It added that TRC's offer price of $77.25 per share in cash is about 4.5% lower than the $80.91 closing price of Medtronic ordinary shares on January 20, the last closing price prior to TRC's bid.
Among other recommendations, the company urged shareholders to obtain current market quotations for their shares, to consult with their broker or financial advisor, and to exercise caution with respect to TRC's mini-tender offer. It also recommends that shareholders who have not responded to TRC's offer take no action.
The offer is currently scheduled to expire February 22 at 12:01 a.m. Eastern time unless it is extended or terminated earlier.
