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Edison International Recommends Shareholders Reject TRC Capital’s Unsolicited Mini-Tender Offer

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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.

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