MOORESVILLE, N.C. — Lowe’s is counselling shareholders to decline a “mini-tender offer” by TRC Capital, a private securities firm with some notoriety among analysts for the practice. The bids, which are aimed at acquiring stakes totalling less than 5% of companies directly from shareholders, are subject to less rigorous oversight from the Securities and Exchange Commission under U.S. law. Research In Motion, Kinder Morgan, and Pitney Bowes are among companies which refused to recommend similar overtures by TRC to their shareholders. In a statement, Lowe’s pointed to an alert issued by the SEC warning investors about the risks of mini-tender offers.
Say no to mini-tender offer: Lowe’s
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