Molson Coors has announced that it does not endorse TRC Capital's 'mini tender' offer and is in no way associated with the investment firm.
The brewer added that it has been notified of an 'unsolicited' offer by TRC Capital to purchase up to 2,000,000 shares of Molson Coors' Class B common stock for $52.95 per share in cash, which is approximately 4.23% lower than the $55.29 per share closing price of the stock on the New York Stock Exchange on 21 February 2020 - the last trading day before the commencement of the offer.
The brewer has suggested stockholders not tender their shares in response to TRC Capital's offer.
Stockholders who have tendered shares have the option to withdraw by providing the written notice described in the TRC Capital mini-tender offer documents before the expiration of the offer, Molson Coors added.
The offer expires on 24 March 2020 at 12:01 am, New York time.
Mini-tender offers, such as this one by TRC Capital, do not provide investors with the same level of protection as provided by larger tender offers under US federal securities laws, the brewer said in its statement.
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine