CSX urges shareholders to reject mini-tender offer by TRC Capital
Jacksonville, Fla.-based CSX Corp.'s board has recommended that its shareholders reject a mini-tender offer by TRC Capital Corp.
TRC has offered $35.50 per share for up to 3 million shares of CSX’s common stock, representing about 0.68 percent of CSX’s outstanding shares.
CSX said the offer is 3.4 percent below the closing price of $36.74 on March 14, the day before the offer was made, and 9.2 percent down from Tuesday’s closing price of $39.08.
“CSX recommends against stockholders tendering their shares in response to TRC Capital’s unsolicited mini-tender offer,” CSX said in a statement. “Mini-tender offers such as this one avoid many of the investor protections afforded for larger tender offers, including the filing of disclosure and other tender offer documents with the Securities and Exchange Commission and other procedures required by United States securities laws.”