Texas Instruments recommends shareholders reject "mini-tender offer" by TRC
Texas Instruments said it has been notified of an unsolicited "mini-tender offer" by TRC Capital Corporation to purchase up to 1.5M shares of TI's common stock, representing approximately 0.15% of TI's outstanding shares. TRC Capital's offer price of $99.00 represents a 4.14% discount to the closing price of TI's stock on October 5, 2018 ($103.28), the last trading day prior to the date of the offer, and is less than the closing price of $101.09 on October 12, 2018. TI recommends that shareholders reject the offer and not tender their shares in response because the offer is at a price below the current market price for TI shares and is subject to many conditions, including TRC Capital's right to terminate or amend the offer if the market price of TI stock decreases or TRC Capital fails to obtain necessary financing. TI shareholders who have already tendered their shares may withdraw by providing notice in the manner described in the TRC Capital offer documents prior to the expiration of the offer, which is currently scheduled at 12:01 a.m. New York City time on November 6, 2018.