Coca-Cola said it has learned of an unsolicited mini-tender offer by TRC Capital for the purchase of up to 2.5M shares at $41.50 per share. The stock closed yesterday up 10c to $43.33.
“Coca-Cola does not endorse TRC Capital’s offer. The Company recommends that shareholders reject the offer and not tender their shares in response because the offer is at a price below the current market price for Coca-Cola shares and is subject to many conditions. TRC Capital’s offer price is approximately 4.51 percent below the closing share price of Coca-Cola common stock ($43.46) on March 16, 2018, the day before the offer commenced. The offer is for less than 0.06 percent of Coca-Cola’s outstanding shares,” Coke announced in a statement.
It added, “TRC Capital’s offer states that it may terminate or amend the offer if, among other things, the market price of Coca-Cola’s stock declines or if TRC Capital fails to obtain financing necessary. Coca-Cola is not associated with TRC Capital or its offer.”