US grocery giant Kroger has been notified of an unsolicited mini-tender offer from TRC Capital Corporation to buy up to 3m shares of the company’s common stock.
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The tender offer by the private Canadian investment company was dated 23 January and was less than one half of one percent of the outstanding shares of common stock.
TRC Capital’s offer price of US$24 per share is around 3.5% below the $24.87 per share closing price of Kroger’s common stock on 22 January, the last trading day prior to the offer.
TRC Capital has made many similar mini-tender offers for the shares of other companies. The offers are designed to seek less than 5% of a company’s outstanding shares, thereby avoiding many disclosure and procedural requirements of the US Securities and Exchange Commission (SEC). Offers under 5% are below the SEC’s threshold to provide such disclosure and procedural protections for investors.
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