Murphy Oil Corp. (MUR) Tuesday recommended its shareholders to reject an unsolicited "mini-tender" offer from TRC Capital Corp. to buy up to 2 million shares, or 1.05 percent of stake, at $61.00 per share.
According to Murphy Oil, the mini-tender offer is at a price below the current market price. The offer bid of $61.00 was 4.78 percent below Murphy's closing share price on May 8, 2013, the day prior to the offer.
Murphy said it does not endorse TRC's offer and recommends that shareholders reject the offer and not tender their shares.
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