CP SHIPS REJECTS INVESTMENT FIRM TRC’S SHARE TENDER OFFER

CP SHIPS REJECTS INVESTMENT FIRM TRC’S SHARE TENDER OFFER    CP Ships, the U.K.-based shipping company that obtained an independent stockmarket listing last year, has advised its shareholders not to accept an unsolicited tender offer from TRC Capital Corp., an investment firm.
   TRC Capital notified CP Ships that it has commenced an unsolicited tender offer for up to 2,750,000, or approximately 3.4 percent, of outstanding common shares of CP Ships at C$15.25 per share (US$9.84).
   If implemented in full, TRC’s offer will represent an investment of about US$27 million.
   “CP Ships does not recommend or endorse this offer which has been tendered at a 4.9 percent discount below the Toronto Stock Exchange closing price of CP Ships’ shares on 13th May,” the company said.
   When compared to the closing price of CP Ships’ shares on the Toronto and New York stock exchanges on May 15, the offer also represents a 6.4 percent discount.
   CP Ships is the parent company of ANZDL, Canada Maritime, Cast, Contship Containerlines, Lykes Lines and TMM Lines.