Canadian Natural Resources Limited Cautions Investors Regarding TRC Capital's Below Market "Mini-Tender" Offer
Canadian Natural Resources (TSX: CNQ) (NYSE: CNQ) has issued a warning to shareholders regarding an unsolicited 'mini-tender' offer from TRC Capital Investment TRC Capital is attempting to purchase up to 2,500,000 shares (approximately 0.12% of outstanding shares) at C$43.25 per share, representing a 4.44% discount to the closing price on January 14, 2025, and a 4.71% discount to the January 22, 2025 closing price.
Canadian Natural explicitly does not endorse this offer and highlights several concerns: the below-market pricing, numerous conditions attached to the offer, and lack of secured funding. The company emphasizes that mini-tender offers typically avoid many investor protections required by Canadian securities laws. Both Canadian Securities Administrators and SEC have expressed serious concerns about such offers and recommend investor caution.
Canadian Natural Resources (TSX: CNQ) (NYSE: CNQ) ha emesso un avviso agli azionisti riguardo a un'offerta non richiesta di 'mini-tender' da parte di TRC Capital Investment. TRC Capital sta tentando di acquistare fino a 2.500.000 azioni (circa lo 0,12% delle azioni in circolazione) a C$43,25 per azione, rappresentando un sconto del 4,44% rispetto al prezzo di chiusura del 14 gennaio 2025 e un sconto del 4,71% rispetto al prezzo di chiusura del 22 gennaio 2025.
Canadian Natural non approva esplicitamente questa offerta e sottolinea diverse preoccupazioni: il prezzo inferiore al mercato, le numerose condizioni associate all'offerta e la mancanza di finanziamenti garantiti. L'azienda enfatizza che le offerte di mini-tender in genere evitano molte delle protezioni per gli investitori richieste dalle leggi sui valori mobiliari canadesi. Sia gli Amministratori dei Titoli Canadesi che la SEC hanno espresso gravi preoccupazioni riguardo a tali offerte e raccomandano cautela agli investitori.
Canadian Natural Resources (TSX: CNQ) (NYSE: CNQ) ha emitido una advertencia a los accionistas sobre una oferta 'mini-tender' no solicitada de TRC Capital Investment. TRC Capital está intentando comprar hasta 2,500,000 acciones (aproximadamente el 0.12% de las acciones en circulación) a C$43.25 por acción, lo que representa un descuento del 4.44% con respecto al precio de cierre del 14 de enero de 2025, y un descuento del 4.71% con respecto al precio de cierre del 22 de enero de 2025.
Canadian Natural no apoya explícitamente esta oferta y destaca varias preocupaciones: el precio inferior al mercado, las numerosas condiciones adjuntas a la oferta y la falta de financiamiento garantizado. La empresa enfatiza que las ofertas de mini-tender suelen eludir muchas protecciones para los inversores requeridas por las leyes de valores canadienses. Tanto los Administradores de Valores Canadienses como la SEC han expresado serias preocupaciones sobre tales ofertas y recomiendan cautela a los inversores.
캐나다 내추럴 리소스 (TSX: CNQ) (NYSE: CNQ)는 TRC Capital Investment로부터의 요청되지 않은 '미니-테너' 제안에 대해 주주들에게 경고를 발했습니다. TRC Capital은 최대 2,500,000주(발행 주식의 약 0.12%)를 주당 C$43.25에 구매하려 하고 있으며, 이는 2025년 1월 14일 종가에 대해 4.44% 할인 을 나타내며, 2025년 1월 22일 종가에 대해 4.71% 할인 을 나타냅니다.
캐나다 내추럴은 이 제안을 명시적으로 승인하지 않으며, 여러 가지 우려 사항을 강조합니다: 시장 가격 이하의 가격, 제안에 부착된 여러 조건, 그리고 보장된 자금의 부족. 회사는 미니-테너 제안이 일반적으로 캐나다 증권 법률에서 요구하는 많은 투자자 보호를 피한다고 강조합니다. 캐나다 증권 관리와 SEC는 이러한 제안에 대해 심각한 우려를 표명했으며 투자자에게 주의를 권장합니다.
Canadian Natural Resources (TSX: CNQ) (NYSE: CNQ) a émis un avertissement aux actionnaires concernant une offre de 'mini-tender' non sollicitée de la part de TRC Capital Investment. TRC Capital tente d'acheter jusqu'à 2 500 000 actions (environ 0,12 % des actions en circulation) à 43,25 C$ par action, ce qui représente un rabais de 4,44 % par rapport au prix de clôture du 14 janvier 2025, et un rabais de 4,71 % par rapport au prix de clôture du 22 janvier 2025.
Canadian Natural n'endosse pas explicitement cette offre et souligne plusieurs préoccupations : le prix en dessous du marché, les nombreuses conditions attachées à l'offre et le manque de financement sécurisé. L'entreprise souligne que les offres de mini-tender évitent généralement de nombreuses protections pour les investisseurs requises par les lois canadiennes sur les valeurs mobilières. Les administrateurs canadiens des valeurs mobilières et la SEC ont exprimé de sérieuses préoccupations à propos de telles offres et recommandent la prudence aux investisseurs.
Canadian Natural Resources (TSX: CNQ) (NYSE: CNQ) hat eine Warnung an die Aktionäre bezüglich eines unaufgeforderten 'Mini-Tender'-Angebots von TRC Capital Investment ausgegeben. TRC Capital versucht, bis zu 2.500.000 Aktien (etwa 0,12% der ausstehenden Aktien) zu einem Preis von 43,25 CAD pro Aktie zu erwerben, was einem Rabatt von 4,44% auf den Schlusskurs vom 14. Januar 2025 und einem Rabatt von 4,71% auf den Schlusskurs vom 22. Januar 2025 entspricht.
Canadian Natural unterstützt dieses Angebot ausdrücklich nicht und hebt mehrere Bedenken hervor: den unter dem Marktpreis liegenden Preis, die zahlreichen an das Angebot geknüpfte Bedingungen und das Fehlen einer gesicherten Finanzierung. Das Unternehmen betont, dass Mini-Tender-Angebote in der Regel viele der von den kanadischen Wertpapiergesetzen geforderten Anlegerverantwortungen umgehen. Sowohl die kanadischen Wertpapieraufsichtsbehörden als auch die SEC haben erhebliche Bedenken bezüglich solcher Angebote geäußert und empfehlen den Investoren Vorsicht.
- None.
- Company faces unsolicited mini-tender offer at below-market prices
- TRC Capital's offer lacks secured funding
- Potential risk to shareholders who might tender shares without understanding the below-market pricing
Insights
TRC Capital's predatory mini-tender offer targeting Canadian Natural Resources (CNQ) shareholders raises serious red flags that demand immediate attention. The offer to purchase up to 2,500,000 shares (approximately
Here's what makes this situation particularly concerning:
- The offer deliberately falls below regulatory thresholds that would trigger investor protection requirements and disclosure obligations
- TRC Capital has a documented history of similar below-market mini-tenders targeting other public companies
- The offer is subject to numerous conditions and lacks committed financing
- The timing appears designed to catch investors off-guard, especially those who might not closely monitor market prices
For investors currently holding CNQ shares, there are three critical actions to consider:
- If you've already tendered shares, review the withdrawal procedures outlined in TRC's documents - you have until February 13, 2025, to withdraw
- Consult with your broker about current market valuations before making any decisions
- Exercise extreme caution with any unsolicited offer, especially those priced below market value
Both Canadian and U.S. securities regulators have explicitly warned about the risks of mini-tender offers. The fact that major regulatory bodies like the CSA and SEC have issued specific guidance about these practices underscores their potentially harmful nature. The lack of standard investor protections that would be present in legitimate tender offers makes this an especially risky proposition for retail investors.
Calgary, Alberta--(Newsfile Corp. - January 22, 2025) - Canadian Natural Resources Limited (TSX: CNQ) (NYSE: CNQ) ("Canadian Natural" or the "Company") has received notice of an unsolicited "mini-tender" offer made by TRC Capital Investment Corporation ("TRC Capital") to purchase up to 2,500,000 Canadian Natural common shares, or approximately
Canadian Natural does not recommend or endorse TRC Capital's unsolicited offer and has no association with TRC Capital or its offer. Shareholders are cautioned that TRC Capital's offer has been made at a price below the current market price for Canadian Natural's shares. In addition, we caution shareholders that the offer is subject to numerous conditions and is not funded; the completion of the offer is subject to receipt of all financing necessary to fund TRC Capital's financial obligations arising from the offer.
TRC Capital has made similar unsolicited mini-tender offers for shares of several other public companies. Mini-tender offers are designed to avoid many of the investor protections like disclosure and procedural protections applicable to most take-over bids and tender offers under Canadian securities laws. Both the Canadian Securities Administrators (CSA) and the United States Securities and Exchange Commission (SEC) recommend that investors exercise caution with mini-tender offers and have expressed serious concerns about mini-tender offers, including the possibility that investors might tender to such offers without understanding the offer price relative to the actual market price of their securities.
The CSA's long-standing guidance on mini-tenders can be found on the Ontario Securities Commission website at https://www.osc.ca/en/securities-law/instruments-rules-policies/6/61-301/csa-staff-notice-61-301-staff-guidance-practice-mini-tenders. The Alberta Securities Commission has also offered guidance to shareholders who receive mini-tender offers at www.asc.ca/-/media/ASC-Documents-part-1/Regulatory-Instruments/2024/07/6163236-Investor-Communication-re-Mini-Tenders.ashx.
The SEC has issued "Mini-Tender Offers: Tips for Investors" regarding mini-tender offers, noting that some bidders, in making offers at below-market prices, "have been increasingly used to catch investors off guard." The SEC's advisory may be found on the SEC website at https://www.sec.gov/about/reports-publications/investorpubsminitend.
Brokers, dealers and other market participants are encouraged to exercise caution and review the letter regarding broker-dealer mini-tender offer dissemination and disclosures on the SEC website at www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.
Canadian Natural urges shareholders to obtain current market quotations for their shares, consult with their broker or financial advisor and exercise caution with respect to TRC Capital's offer. Canadian Natural recommends that shareholders who have not responded to TRC Capital's mini-tender offer take no action.
Shareholders who have already tendered their shares should consider taking actions to withdraw them including reviewing the withdrawal procedures in TRC Capital's offering documents. According to TRC Capital's offer documents, Canadian Natural shareholders who have already tendered their shares can withdraw their shares at any time before 11:59 p.m. (EST) on February 13, 2025 by following the procedures set forth in TRC Capital's offer documents.
Canadian Natural requests that TRC Capital include a copy of this news release with all distributions of materials relating to TRC Capital's mini-tender offer related to Canadian Natural shares.
Canadian Natural is a senior crude oil and natural gas production company, with continuing operations in its core areas located in Western Canada, the U.K. portion of the North Sea and Offshore Africa.
CANADIAN NATURAL RESOURCES LIMITED
T (403) 517-6700 F (403) 517-7350 E ir@cnrl.com
2100, 855 - 2 Street S.W. Calgary, Alberta, T2P 4J8
www.cnrl.com
SCOTT G. STAUTH
President
MARK A. STAINTHORPE
Chief Financial Officer
LANCE J. CASSON
Manager, Investor Relations
Trading Symbol - CNQ
Toronto Stock Exchange
New York Stock Exchange
Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The Company does not undertake to update forward-looking statements except as required by applicable securities laws. Refer to our website for complete forward-looking statements www.cnrl.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238138
FAQ
What is TRC Capital's mini-tender offer price for CNQ shares?
How many CNQ shares is TRC Capital attempting to purchase?
What is the deadline for CNQ shareholders to withdraw from TRC Capital's offer?
Does Canadian Natural Resources recommend accepting TRC Capital's offer?
What are the main concerns about TRC Capital's mini-tender offer for CNQ?
