Truist Recommends Shareholders Reject TRC Capital Investment Corporation’s Mini-Tender Offer
CHARLOTTE, North Carolina, August 8, 2022 /PRNewswire/ — Truist Financial Corporation (NYSE: TFC) has learned that TRC Capital Investment Corporation (TRC), a Canadian private investment firm, has made an unsolicited “mini-offer” dated July 25, 2022, to purchase up to two million shares of Truist common stock. TRC’s offer price of $46.14 per share is 4.15% below Truist’s closing share price on July 22, 2022the last trading day preceding the date of the offer.
Truist is in no way associated with TRC and recommends that shareholders reject this unsolicited offer because the offer price is below the market price of Truist common stock immediately prior to this announcement.
Truist urges investors to obtain current market quotes for their shares from Truist, consult with their financial advisors and exercise caution regarding the TRC offering. Shareholders who have already tendered their shares may withdraw them by providing, prior to the expiration of the offer, the written notice described in TRC’s offer documents. Offer must expire at 00:01, New York City It’s time August 23, 2022but TRC may extend the offer at its discretion.
Mini-tender offers target less than 5% of a company’s outstanding stock, allowing the offering company to avoid many of the investor protections, disclosures and procedural requirements that the Securities and Exchange Commission (SEC) of the United States requires for larger takeover bids. On his websitethe SEC issued an alert regarding mini-buy offers, noting that mini-buy offers “have increasingly been used to catch investors off guard” and that investors “could end up selling their securities at lower than market prices.
Truist requests that a copy of this press release be included with all distributions of materials related to TRC’s offer for Truist common stock.
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Truist holds a dominant market share in many high-growth markets nationwide and offers a wide range of services, including retail, small business and corporate banking; asset Management; capital markets; commercial real estate; corporate and institutional banking; Insurance; mortgage; Payments; specialized loans; and wealth management. Based at Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $545 billion of the June 30, 2022. Truist Bank, Member FDIC. Learn more about Truist.com.
SOURCE Truist Financial Corporation