BMO Recommends Shareholders Reject TRC Capital';s Below-Market "Mini-Tender" Offer
BMO (TSX: BMO) (NYSE: BMO) announced on March 28, 2023, that shareholders should reject an unsolicited mini-tender offer from TRC Capital Investment Corporation. TRC Capital proposed to buy up to 1 million common shares at CAD 113.55 each, about 4.4% below market price. BMO emphasized that this offer is substantially below the current market rates and advised shareholders to be cautious, citing possible investor confusion over the bid. BMO is not affiliated with TRC Capital, which has a history of similar offers for other companies. BMO also urges participants to review the SEC's guidance on mini-tender offers.
- BMO is actively protecting shareholder interests by advising rejection of TRC Capital's below-market offer.
- BMO has significant total assets of $1.15 trillion as of January 31, 2023, indicating financial stability.
- TRC Capital's offer presents a potential threat to shareholder value due to its below-market pricing.
BMO recommends that shareholders reject TRC's unsolicited offer as the offer has been made at a price significantly below market, representing a discount of
BMO does not endorse and is not affiliated or associated in any way with
The
The CSA's long-standing guidance on mini-tenders can be found on the
BMO strongly encourages brokers, dealers and other market participants to exercise caution and review the letter regarding broker-dealer mini-tender offer dissemination and disclosures on the
BMO requests that a copy of this news release be included in any distribution of materials relating to
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Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of
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