Principal Financial urges holders reject 'mini-tender' offer by Baker Mills
Principal Financial Group announced that it has received notice of an unsolicited mini-tender offer by Baker Mills LLC to purchase up to 110,000 shares of Principal Financial Group, Inc. common stock from Principal shareholders. The offer represents approximately 0.04 percent of Principal's shares of common stock outstanding as of the July 23, 2018 offer date. Baker Mills' offer price of $44.00 per share is approximately 20 percent lower than the $54.69 closing price of PFG common stock on Nasdaq on July 23, 2018. This offer follows three recent similar offers by Baker Mills to purchase from certain PFG holders up to 50,000; 60,000; and 125,000, respectively, of PFG shares. These previous offers, which terminated on March 2, 2018, May 18, 2018, and July 9, 2018, resulted in the purchase by Baker Mills of 11,163 PFG shares, 40,525 PFG shares, and 121,832 PFG shares, respectively. "As with the prior offers by Baker Mills, Principal does not endorse Baker Mills' unsolicited mini-tender offer and recommends that shareholders do not tender their shares in response to Baker Mills' offer because the offer is, as was the case with the previous offers, at a price that is significantly below the current market value of PFG. Here, the July 23, 2018 closing common stock price of PFG was $54.69 per share."