Praxair recommends rejection mini-tender offer by TRC Capital

Praxair recommends rejection of mini-tender offer by TRC Capital

10:15 AM, 9th June 2011
Praxair recommends rejection of mini-tender offer by TRC Capital

DANBURY, US: Praxair has received notification of an unsolicited “mini-tender” offer by TRC Capital Corporation of Toronto to purchase shares of common stock of Praxair at $ 103.25, which was 4.5 per cent below Praxair’s NYSE closing price on April 26, 2011, the day prior to the offer.

Praxair is not associated with this offer and does not endorse the offer. Praxair recommends against shareowners tendering their shares in response to TRC Capital’s unsolicited mini-tender offer.

The company understands that TRC has made numerous unsolicited mini-tender offers in the past for stock of other companies at a discount to the market price. Mini-tender offers, such as this one by TRC, are offers to acquire less than 5 per cent of a company’s outstanding shares and therefore avoid many of the investor protections of the Federal Securities laws and rules of the Securities Exchange Commission (SEC).

The SEC has issued “investor tips” on mini-tender offers, which note that often 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.”

Praxair shareowners who have already tendered are advised that, as described in the TRC Capital’s offer to purchase document, they may withdraw their shares prior to the expiration of the offer.

© WOC News




Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

Solvay’s profits and sales improve on volumes and pricing

BRUSSELS, BELGIUM: Solvay group’s sales amounted to € 1,670 million, up by 23 per cent compared to the restated sales of the 1st quarter 20 ...

Read more
Shell plans world-scale chemical plant in USA

TEXAS, US: The newly planned cracker would process ethane from Marcellus natural gas to produce ethylene, one of the primary building blocks for petro ...

Read more
New substance to make passports fraud-proof

LONDON, UNITED KINGDOM: Your passport can now be protected from fraudsters. Scientists here have developed a new substance that can be used to preve ...

Read more
Huntsman completes acquisition of Indian chemical producer Laffans

THE WOODLANDS, USA: Huntsman Corporation announced it has completed acquisition of Indian chemical producer Laffans Petrochemicals Ltd and has taken ...

Read more
ExxonMobil Iraq gives $ 1 million grant to University of Basrah

The grant will be used by the University of Basrah to equip petroleum engineering laboratories. The university had established a department of petro ...

Read more
Orica reports higher profit and sales

MELBOURNE, AUSTRALIA: Orica announced a net profit after tax of $ 264 million for the half year ended 31 March 2011, up $ 209 million compared with th ...

Read more uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X