Monday, Crown Holdings Inc. (CCK), a supplier of packaging products, recommended its shareholders to reject 'mini tender' offer from TRC Capital. The company requested that stakeholder who have already tendered to withdraw shares through written notice, prior to expiration of the offer scheduled on July 24.
The company said it is in not at all associated with or endorse the offer of TRC Capital, a Canadian private investment company, to purchase up to 3 million or 1.9% of Crown's shares. Crown noted that the offer is bound by numerous conditions and the offer price of $21.50 per share stands 4.75% below its closing price of $22.57 on June 24.
The company said that TRC Capital has made such 'mini-tender' offers for the shares of other companies also. These offers were devised to seek less than 5% of a company's outstanding shares, thereby avoiding many procedural and disclosure requirements of the U.S. Securities and Exchange Commission, Crown noted.
CCK is currently trading at $23.96, up $0.33 or 1.40% on a volume of 0.516 million shares on the NYSE.
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