DALLAS, Sept 1, 2015 — AT&T Inc. (NYSE:T, news, filings) has learned that TRC Capital Corporation has made an unsolicited “mini-tender” offer, dated August 27, 2015. TRC has offered to purchase up to 3 million shares of AT&T stock at $31.30 per share, or 4.3 percent below AT&T’s closing share price on August 26, 2015. AT&T is in no way associated with TRC Capital Corporation and recommends that shareholders reject this unsolicited offer.
Mini-tender offers seek less than 5 percent of a company’s outstanding shares. This lets the offering company avoid many disclosure and procedural requirements the U.S. Securities and Exchange Commission (SEC) requires for tender offers.
On its website, the SEC has issued an alert regarding mini-tender offers. This alert advises that mini-tender offers “have been increasingly used to catch investors off guard” and that investors “may end up selling their securities at below-market prices.”
TRC has a history of mini-tender offers. Like its other offers, this one puts individual investors at risk because they may not realize they’re selling their shares at a discount. AT&T urges investors to get current stock quotes for their shares of AT&T, consult their financial advisors and exercise caution with respect to TRC’s offer. Shareholders who may already have tendered their shares may withdraw them by providing, prior to the expiration of the offer, the written notice described in the TRC offering documents. The offer is set to expire at 12:01 a.m. Eastern time on September 25, 2015, but TRC may extend this at its discretion.
AT&T requests that a copy of this news release be included with all distributions of materials related to TRC’s offer for shares of AT&T common stock.
AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc.
About AT&T
AT&T Inc. (NYSE:T) helps millions around the globe connect with leading entertainment, mobile, high speed Internet and voice services. We’re the world’s largest provider of pay TV. We have TV customers in the U.S. and 11 Latin American countries. In the U.S., our wireless network offers the nation’s strongest LTE signal and the most reliable 4G LTE network. We offer the best global wireless coverage*. And we help businesses worldwide serve their customers better with our mobility and secure cloud solutions.
Additional information about AT&T products and services is available at http://about.att.com. Follow our news on Twitter at @ATT, on Facebook at http://www.facebook.com/att and YouTube at http://www.youtube.com/att.
© 2015 AT&T Intellectual Property. All rights reserved. AT&T, the Globe logo and other marks are trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks contained herein are the property of their respective owners.
Reliability and signal strength claims based on nationwide carriers’ LTE. Signal strength claim based ONLY on avg. LTE signal strength. LTE not available everywhere.
*Global coverage claim based on offering discounted voice and data roaming; LTE roaming; voice roaming; and world-capable smartphone and tablets in more countries than any other U.S. based carrier. Coverage not available in all areas. Coverage may vary per country and be limited/restricted in some countries.
– See more at: http://about.att.com/story/att_recommends_shareholders_reject_mini_tender_offer_from_trc_capital.html#sthash.ocXsGK2h.dpuf
PR Archives: Latest, By Company, By Date