Timken Urges Shareholders to Reject Mini-Tender Offer by TRC
Capital Corporation
CANTON, Ohio, Nov. 9, 2012 /PRNewswire/ -- The Timken
Company (NYSE: TKR; www.timken.com) has received notification of an
unsolicited mini-tender offer by TRC Capital Corporation (TRC
Capital) to purchase up to 2,000,000 shares (approximately 2.1
percent) of outstanding common stock of The Timken Company at a
price of $39.30 per share. The offer
price was 4.75 percent below the closing price on November 6,
2012, the day before the offer commenced.
(Logo: http://photos.prnewswire.com/prnh/20100210/TIMKENLOGO
)
Timken does not endorse TRC Capital's offer and recommends that
shareholders do not tender their shares. Timken is not associated
with TRC Capital, this unsolicited tender offer or the
documentation related to this offer.
The Securities and Exchange Commission (SEC) has cautioned
investors about tender offers of this type, so called "mini-tender
offers," noting that "some bidders make mini-tender offers at
below-market prices, hoping that they will catch investors off
guard if the investors do not compare the offer price to the
current market price." The SEC's Investor Tips regarding
mini-tender offers may be found on the SEC's website at
www.sec.gov/investor/pubs/minitend.htm. Timken encourages
shareholders to review this Investor Tip as well as the information
concerning mini-tender offers found at
www.sec.gov/divisions/marketreg/minitenders/sia072401.htm, as
tender offers for less than five percent of a company's stock
typically do not provide the same disclosure and procedural
protections that larger tender offers provide.
Timken strongly recommends that shareholders obtain current
market quotes for their shares, review the conditions to the offer,
consult with their financial advisors and exercise caution with
respect to TRC Capital's offer.
About The Timken Company
The Timken
Company (NYSE: TKR), a global industrial technology leader, applies
its deep knowledge of metallurgy, friction management and power
transmission to improve the reliability and efficiency of machinery
all around the world.
The company engineers, manufactures and markets mechanical
components and high-performance steel. Its bearings,
engineered steel bars and tubes—as well as transmissions,
gearboxes, chain and related products and services—support
diversified markets worldwide.
With sales of $5.2 billion in 2011
and approximately 21,000 people operating from 30 countries, Timken
makes the world more productive and keeps industry in
motion.
Media
Contact: Pat Carlson
|
Investor Contact: Steve Tschiegg
|
Global
Media Relations
|
Director –
Capital Markets and Investor Relations
|
Mail
Code: GNW-37
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Mail Code:
GNE-26
|
1835
Dueber Avenue, S.W.
|
1835
Dueber Avenue, S.W.
|
Canton, OH
44706-0927 U.S.A.
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Canton, OH
44706-0927 U.S.A.
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Telephone:
(330)471-3514
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Telephone:
(330)471-7446
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pat.carlson@timken.com
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steve.tschiegg@timken.com
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SOURCE The Timken Company