US: TRC Capital offers to buy 2.3% of First Solar25. January 2013 | Investor news | By: Max Hall
First Solar has advised shareholders to rebuff an unsolicited 'mini tender' for 2.3% of the company's stock.
TRC Capital Group has offered to pay US$30 per share for 2 million shares, a discount of 5% on First Solar's closing price of $31.58 on January 22, the final day before the approach was made.
Mini tenders are offers for less than 5% of a company's stock. Offers above the 5% threshold have to comply with strict disclosure regulations under the rules of the U.S. national Securities and Exchange Commission.
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