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Cardinal Health recommends holders reject mini-tender offer from TRC Capital.

Cardinal Health announced that it has received notice of an unsolicited "mini-tender" offer by TRC Capital to purchase up to 2M of Cardinal Health's common shares, representing approximately 0.64% of Cardinal Health's common shares outstanding. The offer price of $65.85 per share is approximately 4.48% below the closing price of Cardinal Health's common shares on March 2, 2018, the last trading day before the commencement of TRC Capital's offer. Cardinal Health does not endorse TRC Capital's unsolicited mini-tender offer and is not associated in any way with TRC Capital, its mini-tender offer or its mini-tender offer documents. Because TRC Capital's offer price is below the current market price for Cardinal Health's common shares, Cardinal Health recommends that shareholders do not tender their shares to TRC Capital. Shareholders who have already tendered their shares may withdraw them at any time prior to 12:01 a.m., New York City time, on Wednesday, April 4, 2018, in accordance with the offering documents. TRC Capital's mini-tender offer seeks less than 5% of Cardinal Health's outstanding common shares, thereby avoiding many disclosure requirements and procedural protections of U.S. securities laws. In a statement to investors, the SEC cautioned investors that some bidders make mini-tender offers at below-market prices, saying it believes that these bidders are, "hoping that they will catch investors off-guard if the investors do not compare the offer price to the current market price."

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Publication:The Fly
Date:Mar 9, 2018
Words:236
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