Marvell Asks Shareholders To Reject TRC Capital's Mini-Tender Offer

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3/26/2012 8:13 AM ET

Marvell Technology Group Ltd. (MRVL: Quote) Monday said it did not endorse a mini-tender offer by TRC Capital Corp., and asked that shareholders not tender their shares in the offer. TRC Capital sought to purchase up to 6 million shares at $15 per share, Marvell added.

The offer price, Marvell elaborated, was 4.94 percent lower than the closing price on March 22, 2012, the date of the offer's commencement. Marvell also noted that TRC Capital had earlier made similar offers for other companies' shares.

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