AT&T recommends shareholders reject TRC Capital's 3 million share mini-tender offer
AT&T Inc. disclosed in a regulatory filing after Tuesday's closing bell that TRC Capital Corp. has made an unsolicited "mini-tender" offer to buy up to 3 million of the telecom company's shares. The offer, dated Aug. 27, is for $31.30 a share, or 3.2% below Tuesday's closing price of $32.32. The offer expires on Sept. 25, unless extended by TRC. "AT&T wishes to inform its shareholders that it recommends rejection of this unsolicited offer and that AT&T is in no way associated with TRC Capital Corporation," AT&T stated in the filing. The number of shares TRC is offering to buy represents less than 0.1% of AT&T shares outstanding, which is about 6.15 billion shares, according to FactSet. The stock, which ticked up 0.2% in after-hours trade, has lost 5.9% over the past three months, while the S&P 500 has dropped 9.4%.
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