Canadian investment firm TRC Capital has ruffled execs at Viacom by offering shareholders a so-called “mini-tender” — a lowball price for them to sell the firm a small stake in the company. Viacom does not endorse TRC’s unsolicited mini-tender offer and recommends that shareholders do not tender their shares,” it says in a release issue.
TRC Capital, the Canadian firm is infamous for its mini-tender offers, last week offered $61 a share for 2 milliom shares, equal to 0.1% of the total. Disney says the offer is $3 below the trading price on Oct. 8, the day before TRC launched its mini-tender.
