By Joe Hoppe

AstraZeneca PLC said Monday that it has recommended shareholders reject a mini-tender offer from TRC Capital Investment Corporation for up to two million American Depositary Shares, due to its low bidding price of up to $115.8 million.

The pharmaceutical company said that the offer was equivalent to around 0.06% of its issued share capital, at a price of $57.88 per share in cash.

The offer price is 4.5% lower than the closing price per share on the Nasdaq Stock Market on Oct. 8, the last trading day before the tender offer began, the company said.

AstraZeneca said it doesn't in any way recommend or endorse the offer and recommends that shareholders reject it, given the offer is below its market price for American Depositary Shares.

Shareholders that have already tendered shares can provide written notice of withdrawal by Nov. 9.

AstraZeneca said that TRC has made several unsolicited mini-tender offers for other companies' shares.

It noted that the offers, which are for less than 5% of a company's outstanding shares, avoid most of the filing, disclosure and procedural requirements of the U.S. Securities and Exchange Commission, and therefore don't provide investors with the same levels of protection provided by larger offers.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

October 18, 2021 02:35 ET (06:35 GMT)

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