Security

TI Warns Of Discount Mini-tender Offers.

Texas Instruments (TI) said it has been notified of an unsolicited "mini-tender offer" by TRC Capital Corporation to purchase up to 3,000,000 shares of TIò€™s common stock, representing approximately 0.23% of TIò€™s outstanding shares. Apparently, TRC has made such mini-tender offers for a number of companies. The per-share price offered was below a stockò€™s market value at the time the offer was issued. In TIò€™s case, the offer price of $24.00 represented a 4% discount to the closing price of TIò€™s stock on July 23 ($25.02), the day prior to the date of the offer. The SEC has issued an investor alert regarding these mini-tender offers, noting that in making the offers at below-market prices, bidders are "hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price."


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