Celanese Recommends Shareholders Reject “Mini-Tender” Offer by TRC Capital Investment Corporation
Celanese (NYSE: CE) has issued a warning about an unsolicited 'mini-tender' offer from TRC Capital Investment TRC Capital is attempting to purchase up to 1,500,000 shares of Celanese's common stock at $65.50 per share, which is 4.49% below the closing price of $68.58 on December 13, 2024.
Celanese strongly recommends shareholders reject this offer and advises those who have already tendered shares to withdraw them before the January 16, 2025 deadline. The company emphasizes it is not associated with TRC Capital or this offer. Since the offer is for less than 5% of outstanding shares, it bypasses many SEC investor protection requirements.
The offer includes conditions including that Celanese's share price must not decrease by more than 5% from December 13, 2024. Celanese, a Fortune 500 company with 2023 net sales of $10.9 billion and approximately 12,400 employees worldwide, urges shareholders to exercise caution and consult current market quotations.
Celanese (NYSE: CE) ha emesso un avviso riguardo a un'offerta 'mini-tender' non richiesta da parte di TRC Capital Investment. TRC Capital sta tentando di acquistare fino a 1.500.000 azioni ordinarie di Celanese al prezzo di $65,50 per azione, il che rappresenta un ribasso del 4,49% rispetto al prezzo di chiusura di $68,58 del 13 dicembre 2024.
Celanese raccomanda vivamente agli azionisti di rifiutare questa offerta e avvisa coloro che hanno già presentato azioni di ritirarle prima della scadenza del 16 gennaio 2025. L'azienda sottolinea di non essere associata a TRC Capital o a questa offerta. Poiché l'offerta riguarda meno del 5% delle azioni in circolazione, elude molte delle normative di protezione degli investitori della SEC.
L'offerta include condizionamenti, tra cui che il prezzo delle azioni di Celanese non deve diminuire di oltre il 5% dal 13 dicembre 2024. Celanese, un'azienda Fortune 500 con vendite nette nel 2023 di 10,9 miliardi di dollari e circa 12.400 dipendenti in tutto il mondo, esorta gli azionisti a esercitare cautela e a consultare le quotazioni di mercato attuali.
Celanese (NYSE: CE) ha emitido una advertencia sobre una oferta 'mini-tender' no solicitada de TRC Capital Investment. TRC Capital está intentando comprar hasta 1.500.000 acciones ordinarias de Celanese a $65.50 por acción, lo que representa una disminución del 4.49% por debajo del precio de cierre de $68.58 del 13 de diciembre de 2024.
Celanese recomienda encarecidamente a los accionistas que rechacen esta oferta y aconseja a aquellos que ya hayan presentado acciones que las retiren antes de la fecha límite del 16 de enero de 2025. La empresa enfatiza que no está asociada con TRC Capital ni con esta oferta. Dado que la oferta es por menos del 5% de las acciones en circulación, elude muchos de los requisitos de protección de inversores de la SEC.
La oferta incluye condiciones, incluyendo que el precio de la acción de Celanese no debe disminuir más del 5% desde el 13 de diciembre de 2024. Celanese, una empresa Fortune 500 con ventas netas en 2023 de 10.9 mil millones de dólares y aproximadamente 12,400 empleados en todo el mundo, insta a los accionistas a tener precaución y a consultar las cotizaciones del mercado actuales.
셀라니스 (NYSE: CE)는 TRC 캐피탈 인베스트먼트의 요청되지 않은 '미니-텐더' 제안에 대한 경고를 발표했습니다. TRC 캐피탈은 셀라니스의 일반 주식 1,500,000주를 주당 $65.50에 구매하려 하고 있으며, 이는 2024년 12월 13일 종가인 $68.58보다 4.49% 낮은 가격입니다.
셀라니스는 주주에게 이 제안을 거부할 것을 강력히 권장하며, 이미 주식을 제출한 주주는 2025년 1월 16일 마감일까지 주식을 철회하라고 권고합니다. 회사는 TRC 캐피탈 또는 이 제안과 연관되어 있지 않다고 강조합니다. 이번 제안은 발행된 주식의 5% 미만에 해당하므로 많은 SEC 투자자 보호 요건을 우회합니다.
제안은 셀라니스의 주가가 2024년 12월 13일 이후 5% 이상 떨어지지 않아야 하는 조건을 포함합니다. 셀라니스는 2023년 순매출 109억 달러와 전 세계 약 12,400명의 직원을 보유한 포춘 500 대 기업으로, 주주들이 주의해야 하며 현재의 시장 시세를 참고할 것을 권장합니다.
Celanese (NYSE: CE) a émis un avertissement concernant une offre 'mini-tender' non sollicitée de TRC Capital Investment. TRC Capital tente d'acheter jusqu'à 1.500.000 actions ordinaires de Celanese à 65,50 $ par action, soit 4,49 % en dessous du prix de clôture de 68,58 $ du 13 décembre 2024.
Celanese recommande fortement aux actionnaires de rejeter cette offre et conseille à ceux qui ont déjà soumis des actions de les retirer avant la date limite du 16 janvier 2025. L'entreprise souligne qu'elle n'est pas associée à TRC Capital ou à cette offre. Étant donné que l'offre concerne moins de 5 % des actions en circulation, elle contourne de nombreuses exigences de protection des investisseurs de la SEC.
L'offre inclut des conditions, y compris que le prix de l'action de Celanese ne doit pas diminuer de plus de 5 % par rapport au 13 décembre 2024. Celanese, une entreprise Fortune 500 avec des ventes nettes de 10,9 milliards de dollars en 2023 et environ 12.400 employés dans le monde, exhorte les actionnaires à faire preuve de prudence et à consulter les cotations actuelles du marché.
Celanese (NYSE: CE) hat eine Warnung vor einem unaufgeforderten 'Mini-Tender'-Angebot von TRC Capital Investment ausgegeben. TRC Capital versucht, bis zu 1.500.000 Aktien von Celanese zu einem Preis von 65,50 $ pro Aktie zu erwerben, was 4,49 % unter dem Schlusskurs von 68,58 $ am 13. Dezember 2024 liegt.
Celanese empfiehlt den Aktionären dringend, dieses Angebot abzulehnen, und rät denen, die bereits Aktien angeboten haben, diese vor der Frist am 16. Januar 2025 zurückzuziehen. Das Unternehmen betont, dass es nicht mit TRC Capital oder diesem Angebot verbunden ist. Da das Angebot weniger als 5 % der ausstehenden Aktien betrifft, umgeht es viele Anforderungen der SEC zum Schutz von Investoren.
Das Angebot enthält Bedingungen, dass der Aktienkurs von Celanese bis zum 13. Dezember 2024 nicht um mehr als 5 % sinken darf. Celanese, ein Fortune 500-Unternehmen mit Nettoumsätzen von 10,9 Milliarden US-Dollar im Jahr 2023 und etwa 12.400 Mitarbeitern weltweit, fordert die Aktionäre auf, Vorsicht walten zu lassen und die aktuellen Marktpreise zu konsultieren.
- Company reported strong 2023 net sales of $10.9 billion
- Potential undervalued acquisition attempt at 4.49% below market price
- Mini-tender offer bypasses standard SEC investor protection requirements
Insights
TRC Capital's predatory mini-tender offer targeting Celanese represents a concerning development that shareholders should carefully evaluate. The offer price of
The timing and structure of this offer raise several red flags: (1) The conditional nature of the offer, including a
For context, Celanese's strong market position with
The regulatory implications of this mini-tender offer warrant serious scrutiny. By structuring the offer below the
Celanese's management has appropriately responded by: (1) Explicitly disassociating from the offer; (2) Directing shareholders to SEC guidance; and (3) Referencing FINRA Notice 99-53, which provides critical broker-dealer obligations regarding mini-tenders. The company's proactive stance in requesting the inclusion of their warning in all offer-related materials demonstrates proper corporate governance and shareholder protection measures.
The multiple conditions attached to the offer, particularly the market price condition, create substantial uncertainty and provide TRC Capital with numerous termination options, potentially leaving tendering shareholders in a disadvantaged position.
Celanese 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.
Celanese recommends that shareholders not tender their shares in response to TRC Capital’s offer, or, if shareholders have already tendered shares, that they withdraw their shares by providing the written notice described in the TRC Capital mini-tender offer documents prior to the expiration of the offer, currently scheduled for one minute after 11:59 p.m.,
Because TRC Capital’s mini-tender offer is for less than 5 percent of Celanese’s outstanding shares, it is not subject to many of the disclosure and procedural requirements of Securities and Exchange Commission (“SEC”) rules that are designed to protect investors. TRC Capital has made similar unsolicited mini-tender offers for stock of other public companies. The SEC has cautioned investors about mini-tender offers, providing guidance to investors at https://www.sec.gov/investor/pubs/minitend.htm.
Celanese encourages brokers and dealers, as well as other market participants, to review the SEC’s letter regarding broker-dealer mini-tender offer dissemination and disclosures at https://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm and the NASD Notice to Members 99-53 issued in July 1999 regarding guidance to members forwarding mini-tender offers to their customers, which can be found at https://www.finra.org/sites/default/files/NoticeDocument/p004221.pdf.
Shareholders should obtain current market quotations for their shares, consult with their broker or financial advisor, and exercise caution with respect to TRC Capital’s unsolicited mini-tender offer.
Celanese requests that a copy of this news release be included with all distributions of materials relating to TRC Capital’s mini-tender offer related to Celanese’s common stock.
About Celanese
Celanese is a global leader in chemistry, producing specialty material solutions used across most major industries and consumer applications. Our businesses use our chemistry, technology and commercial expertise to create value for our customers, employees and shareholders. We support sustainability by responsibly managing the materials we create and growing our portfolio of sustainable products to meet customer and societal demand. We strive to make a positive impact in our communities and to foster inclusivity across our teams. Celanese is a Fortune 500 company that employs approximately 12,400 employees worldwide with 2023 net sales of
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Investor Relations
Bill
+1 972 443 4730
william.cunningham@celanese.com
Media Relations – Global
Brian Bianco
+1 972 443 4400
media@celanese.com
Source: Celanese Corporation
FAQ
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