: Advance Auto Parts gets ‘mini-tender’ offer from Canadian investment company
Advance Auto Parts Inc. AAP said late Monday that Canada’s TRC Capital Investment Corp. has made an unsolicited “mini-tender,” or less than 5% of the company’s shares, offer to purchase up to 1 million shares of the auto parts retailer at $65.75 a share, or 4.4% below the closing price of the company’s stock as of last Monday. That was the last trading day before the date of the offer, Advance Auto Parts said. TRC’s offer price is 6.9% below Monday’s closing. The company said it is not associated with TRC “and expresses no opinion” on the offer. Mini-tenders “do not provide investors with the same level of protections as provided by larger tender offers under the U.S. federal securities laws” because they fall under the threshold for more scrutiny, Advance Auto Parts said. The offer expires on Aug. 9 but could be extended, the company said. TRC last month launched a mini-tender offer of Home Depot Inc. HD. Shares of Advance Auto Parts dropped 0.3% in the extended session Monday after ending the regular trading day down 1.6%.
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