AT&T Recommends Shareholders Reject Mini-Tender Offer from TRC Capital
September 01 2015 - 4:51PM
Business Wire
AT&T Inc. (NYSE:T) 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
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© 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150901006687/en/
AT&T Inc.Fletcher Cook,
214-757-7629fletcher.cook@att.com
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