Edison International Recommends Shareholders Reject TRC Capital’s Unsolicited Mini-Tender Offer
Edison International (EIX) on Friday recommended shareholders reject TRC Capital’s unsolicited mini-tender offer because TRC’s offer price was below the market value of Edison’s shares before TRC started its tender offer last month.
TRC made an unsolicited mini-tender offer to purchase up to 2 million Edison shares, or 0.61% of the company’s outstanding shares, Edison said in a statement. However, the offer price of $61.75 per share was 4.5% lower than the March 22 closing price for Edison shares of $64.69, the last trading day before the tender offer started.
Edison told stockholders who have already tendered shares to withdraw by providing TRC with a written notice, according to a statement.