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TI refuses to back mini-tender offer

Posted: 29 Jul 2008     Print Version  Bookmark and Share

Keywords:mini-tender  investor  TRC Capital 

Texas Instruments Inc. has been informed of an unsolicited "mini-tender offer" by TRC Capital Corp. to purchase up to 3,000,000 shares of the company's common stock, representing approximately 0.23 per cent of its outstanding shares. TRC Capital's offer price of Rs.1,027.70 ($24.00) represents a 4.08 per cent discount to the closing price of TI's stock on July 23, 2008 ($25.02 or Rs.1,071.37), the day prior to the date of the offer.

In a press release issued by TI, the company has stated that it does not recommend or endorse TRC Capital's unsolicited mini-tender offer. Such mini-tender offers avoid many of the investor protections afforded for larger tender offers, including the filing of disclosure and other tender offer documents with the Securities & Exchange Commission (SEC) and other procedures required by United States securities laws. TI urges investors to obtain current market quotations for their shares of TI common stock, to consult with their financial advisors and to exercise caution with respect to TRC Capital's offer.

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