Phillips 66 Recommends Rejection Of TRC Capital's Mini-Tender Offer

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7/3/2012 5:57 PM ET

Phillips 66 (PSX: Quote) said it recommended its shareholders not to tender their shares in response to an unsolicited "mini-tender offer" by TRC Capital Corporation.

TRC is offering to purchase up to 3 million shares, or less than 0.48% of Phillips 66's outstanding common stock. TRC's offer price of $31.30 per share represents a 4.78% discount to the Phillips 66 closing share price on June 25, 2012, the day prior to the commencement of TRC's mini-tender offer.

The company's shareholders who have already tendered shares in the offer are advised that they may withdraw their shares as described in TRC's offer documentation prior to the expiration of the offer, which is currently scheduled for July 26, 2012, Phillips 66 said.

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