SAN JOSE, Calif., Aug. 3, 2020 /PRNewswire/ -- Broadcom Inc.
(NASDAQ: AVGO), has been notified that TRC Capital Investment
Corporation ("TRC Capital") has made an unsolicited "mini-tender"
offer to purchase up to 500,000 shares of Broadcom's common stock
at $292.50 per share. The offer price
is approximately 4.35% lower than the $305.79 per share closing price for Broadcom's
common stock on the Nasdaq Global Select Stock Market on
July 24, 2020, the last trading day
before the commencement of TRC Capital's mini-tender offer, and an
approximately 8.94% discount to the $321.23 per share closing price of Broadcom's
common stock on August 3, 2020, the
day of this release. Broadcom is not associated in any way with TRC
Capital, its mini-tender offer, or its mini-tender offer
documents.
As required under Regulation 14e-2 of the Securities Exchange
Act of 1934, Broadcom recommends against stockholders tendering
their shares in response to TRC Capital's offer.
TRC Capital's mini-tender offer seeks less than 5% of Broadcom's
outstanding shares, thereby avoiding many disclosure and procedural
protections required under U.S. federal securities laws for larger
tender offers. The Securities and Exchange Commission (the "SEC")
has cautioned investors that "Some bidders make mini-tender offers
at below-market prices, hoping that they will catch investors off
guard if the investors do not compare the offer price to the
current market price." The SEC's cautionary advice to investors
regarding these offers is on its
website at: http://www.sec.gov/investor/pubs/minitend.htm.
Stockholders should obtain current market quotations for their
shares of Broadcom common stock, consult with their broker or
financial advisor, and exercise caution with respect to TRC
Capital's mini-tender offer. Stockholders who have already tendered
shares are advised that they withdraw their shares by providing the
written notice described in the TRC Capital offer documents prior
to the expiration of the offer, currently scheduled for
12:01 a.m., New York City time, on Tuesday, August 25, 2020.
Broadcom requests that a copy of this press release be included
with all distributions of materials relating to TRC Capital's
mini-tender offer related to Broadcom common stock.
About Broadcom Inc.
Broadcom Inc., (NASDAQ: AVGO), a
Delaware corporation headquartered
in San Jose, CA, is a global
technology leader that designs, develops and supplies a broad range
of semiconductor and infrastructure software solutions. Broadcom's
category-leading product portfolio serves critical markets
including data center, networking, enterprise software, broadband,
wireless, storage and industrial. Our solutions include data center
networking and storage, enterprise, mainframe and cyber security
software focused on automation, monitoring and security, smartphone
components, telecoms and factory automation. For more information,
go to www.broadcom.com.
Contact:
Broadcom Inc.
Beatrice F. Russotto
Investor Relations
408-433-8000
investor.relations@broadcom.com
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SOURCE Broadcom Inc.