FedEx urges shareholders to reject below-market mini-tender offer by TRC Capital
FedEx received notice of an unsolicited "mini-tender" offer by TRC Capital to purchase up to 1M shares of FedEx common stock, representing 0.37% of FedEx's common stock outstanding as of March 19, 2018. The offer price of $239.95 per share in cash is 4.36% below the closing price of FedEx's common stock on May 11, 2018, the last trading day before the commencement of TRC Capital's offer. FedEx does not endorse TRC Capital's unsolicited mini-tender offer and is not associated in any way with TRC Capital, its mini-tender offer or its mini-tender offer documents. Because TRC Capital's offer price is below the current market price for FedEx's common stock, FedEx recommends that stockholders do not tender their shares to TRC Capital. Stockholders who have already tendered their shares may withdraw them at any time prior to the expiration of the offer, which is currently scheduled for 12:01 a.m., New York City time, on Wednesday, June 13, 2018. TRC Capital's mini-tender offer seeks less than 5% of FedEx's outstanding common stock, thereby avoiding many disclosure requirements and procedural protections of U.S. securities laws. In a statement to investors, the SEC cautioned investors that some bidders make mini-tender offers at below-market prices, saying it believes that these bidders are "hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price."