AT&T Alerts Shareholders About Mini-Tender Offer
AT&T warned shareholders Monday that they should be wary of a TRC Capital Investment “mini-tender” offer. “TRC has offered to purchase up to 4 million shares of AT&T common stock at $26.38 per share,” the carrier said. “AT&T is in no way associated with TRC and recommends that shareholders reject this unsolicited offer,” which is below the current trading price of AT&T common stock.
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“The SEC has issued an alert on its website regarding mini-tender offers,” AT&T said: “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.’” The offer expires June 3 unless TRC extends it.