Ford to Shareholders: Reject Lowball Tender Offer
The firm, TRC Capital, has also made mini-tender offers for companies including US Steel(X) and Marathan Petroleum(MPC) , which also recommended against. Such offers are for less than 5% of a company's outstanding stock and therefore are subject to less stringent oversight by the Securities and Exchange Commission.
|Ford is urging shareholders to reject a mini-tender offer by a Canadian firm that specializes in such attempts.|
In Ford's case, the offer price was $11.70, about 4.5% below the $12.25 closing price on Feb. 28, which is approximately when the offer commenced. In mid-afternoon trading Thursday, Ford shares were up 23 cents at $12.47.