EMC should tell these guys where they can stick their offer....
TRC cuts offer for EMC to $12.20/shr
Tue Mar 15, 2005 03:01 PM ET
NEW YORK, March 15 (Reuters) - TRC Capital Corp., a Toronto-based company that makes tender offers for stock typically below the market price, said on Tuesday it lowered its tender offer price for EMC Corp. to $12.20 per share from $12.75.
TRC said it extended its offer to buy up to 10 million shares of stock, which is less than 1 percent of the shares outstanding, to March 31. Only 2,916 shares have been tendered and not withdrawn.
EMC shares traded at $12.15 on the New York Stock Exchange on Tuesday. EMC's stock was trading at $13.38 on Feb. 15, when the company received a copy of TRC's offer.
Last month, EMC urged investors to obtain current market quotes for their shares and to "exercise caution with respect to TRC Capital's offer." EMC said it did not endorse or recommend the offer.
TRC has made "mini tender offers" recently for shares of AMR Corp. (AMR.N: Quote, Profile, Research) , Tiffany & Co. Inc. (TIF.N: Quote, Profile, Research) and Alcoa (AA.N: Quote, Profile, Research) among others. The companies rejected the offers, which were below market value. |
