Barrick Recommends Shareholders Reject TRC Capital’s Below-Market “Mini-Tender” Offer for Common Shares
Barrick Gold (NYSE:GOLD)(TSX:ABX) has received notice of an unsolicited mini-tender offer from TRC Capital Investment to purchase up to 5,000,000 of Barrick's common shares at C$21.35 per share, which is approximately 0.29% of Barrick's outstanding shares.
Barrick does not endorse this unsolicited offer and recommends shareholders do not tender their shares to TRC Capital's offer, as it is below market price. The offer price represents a discount of approximately 4.52% and 4.38% to the closing prices on the Toronto Stock Exchange and New York Stock Exchange, respectively, on January 7, 2025.
TRC Capital has made similar unsolicited mini-tender offers for other companies. Mini-tender offers avoid investor protections required by Canadian and U.S. securities laws. The Canadian Securities Administrators (CSA) and the U.S. Securities and Exchange Commission (SEC) advise caution with such offers. The SEC has issued tips for investors regarding mini-tender offers, which can be found on their website. The CSA's guidance on mini-tenders is available on the Ontario Securities Commission website.
Barrick shareholders are urged to obtain current market quotations, consult with their broker or financial advisor, and exercise caution. Shareholders who have already tendered their shares can withdraw them before 11:59 p.m. (Toronto time) on February 6, 2025, by following the procedures in TRC Capital's offer documents.
Barrick Gold (NYSE:GOLD)(TSX:ABX) ha ricevuto una comunicazione riguardante un offerta mini-tender non sollecitata da TRC Capital Investment per acquistare fino a 5.000.000 di azioni ordinarie di Barrick a C$21,35 per azione, che rappresentano circa lo 0,29% delle azioni in circolazione di Barrick.
Barrick non sostiene questa offerta non sollecitata e raccomanda agli azionisti di non cedere le loro azioni all'offerta di TRC Capital, poiché è inferiore al prezzo di mercato. Il prezzo dell'offerta rappresenta uno sconto di circa il 4,52% e il 4,38% rispetto ai prezzi di chiusura sulla Borsa di Toronto e sulla Borsa di New York, rispettivamente, del 7 gennaio 2025.
TRC Capital ha effettuato offerte mini-tender non sollecitate simili per altre aziende. Le offerte mini-tender evitano le protezioni per gli investitori richieste dalle leggi canadese e statunitense sui titoli. I Canadian Securities Administrators (CSA) e la U.S. Securities and Exchange Commission (SEC) consigliano cautela con tali offerte. La SEC ha pubblicato suggerimenti per gli investitori riguardo alle offerte mini-tender, che possono essere trovati sul loro sito web. Le linee guida del CSA sulle mini-tender sono disponibili sul sito della Ontario Securities Commission.
Si invita gli azionisti di Barrick a ottenere quotazioni di mercato aggiornate, a consultare il proprio broker o consulente finanziario e a esercitare cautela. Gli azionisti che hanno già tendered le loro azioni possono ritirarle entro le 11:59 p.m. (ora di Toronto) del 6 febbraio 2025, seguendo le procedure nei documenti offerta di TRC Capital.
Barrick Gold (NYSE:GOLD)(TSX:ABX) ha recibido un aviso de una oferta mini-tender no solicitada de TRC Capital Investment para comprar hasta 5.000.000 de acciones ordinarias de Barrick a C$21.35 por acción, lo que representa aproximadamente el 0.29% de las acciones en circulación de Barrick.
Barrick no respalda esta oferta no solicitada y recomienda a los accionistas no entregar sus acciones a la oferta de TRC Capital, ya que está por debajo del precio de mercado. El precio de la oferta representa un descuento de aproximadamente el 4.52% y el 4.38% con respecto a los precios de cierre en la Bolsa de Valores de Toronto y la Bolsa de Valores de Nueva York, respectivamente, el 7 de enero de 2025.
TRC Capital ha hecho ofertas mini-tender no solicitadas similares para otras empresas. Las ofertas mini-tender evitan las protecciones para inversores requeridas por las leyes de valores canadienses y estadounidenses. Los Administradores de Valores de Canadá (CSA) y la Comisión de Valores y Bolsa de EE. UU. (SEC) aconsejan precaución con tales ofertas. La SEC ha emitido consejos para los inversores sobre ofertas mini-tender, que pueden encontrarse en su sitio web. La guía del CSA sobre mini-tenders está disponible en el sitio web de la Comisión de Valores de Ontario.
Se insta a los accionistas de Barrick a obtener cotizaciones de mercado actuales, consultar con su corredor o asesor financiero y ejercer cautela. Los accionistas que ya han entregado sus acciones pueden retirarlas antes de las 11:59 p.m. (hora de Toronto) del 6 de febrero de 2025, siguiendo los procedimientos en los documentos de oferta de TRC Capital.
Barrick Gold (NYSE:GOLD)(TSX:ABX)는 TRC Capital Investment로부터 Barrick의 보통주 5,000,000주를 주당 C$21.35에 구매하겠다는 비구속적인 미니 텐더 오퍼 통지를 받았습니다. 이는 Barrick의 유통 주식의 약 0.29%에 해당합니다.
Barrick는 이 비구속적 제안을 지지하지 않으며, 주주들에게 TRC Capital의 제안에 주식을 내놓지 말 것을 권장합니다. 제안된 가격은 시장 가격보다 낮습니다. 제안 가격은 2025년 1월 7일 토론토 증권 거래소 및 뉴욕 증권 거래소의 종가 대비 각각 약 4.52% 및 4.38%의 할인입니다.
TRC Capital은 다른 기업에 대해서도 유사한 비구속 미니 텐더 오퍼를 제안한 바 있습니다. 미니 텐더 오퍼는 캐나다 및 미국 증권 법에 의해 요구되는 투자자 보호를 회피합니다. 캐나다 증권 관리자 (CSA)와 미국 증권 거래 위원회 (SEC)는 이러한 제안에 대해 주의를 기울일 것을 권고합니다. SEC는 미니 텐더 오퍼에 대한 투자자를 위한 팁을 발행했으며, 이는 그들의 웹사이트에서 확인할 수 있습니다. CSA의 미니 텐더에 대한 안내는 온타리오 증권 위원회 웹사이트에서 확인할 수 있습니다.
Barrick 주주들은 현재의 시장 가격을 확인하고, 중개인이나 재정 상담가와 상담하며, 주의할 것을 권장합니다. 이미 주식을 제출한 주주들은 2025년 2월 6일 오후 11시 59분(토론토 시간) 이전에 TRC Capital의 제안 문서에 따라 주식을 철회할 수 있습니다.
Barrick Gold (NYSE:GOLD)(TSX:ABX) a reçu un avis concernant une offre mini-tender non sollicitée de TRC Capital Investment pour acheter jusqu'à 5 000 000 d'actions ordinaires de Barrick à 21,35 C$ par action, ce qui représente environ 0,29 % des actions en circulation de Barrick.
Barrick ne soutient pas cette offre non sollicitée et recommande aux actionnaires de ne pas céder leurs actions à l'offre de TRC Capital, car elle est inférieure au prix du marché. Le prix de l'offre représente une remise d'environ 4,52 % et 4,38 % par rapport aux cours de clôture de la Bourse de Toronto et de la Bourse de New York, respectivement, le 7 janvier 2025.
TRC Capital a présenté des offres mini-tender non sollicitées similaires pour d'autres entreprises. Les offres mini-tender évitent les protections des investisseurs requises par les lois sur les valeurs mobilières canadiennes et américaines. Les Administrateurs canadiens des valeurs mobilières (CSA) et la Commission des valeurs mobilières des États-Unis (SEC) conseillent de faire preuve de prudence avec de telles offres. La SEC a émis des conseils pour les investisseurs concernant les offres mini-tender, qui peuvent être trouvés sur leur site Web. Les directives du CSA sur les mini-tenders sont disponibles sur le site Web de la Commission des valeurs mobilières de l'Ontario.
Les actionnaires de Barrick sont invités à obtenir des cotations de marché à jour, à consulter leur courtier ou conseiller financier, et à faire preuve de prudence. Les actionnaires qui ont déjà cédé leurs actions peuvent les retirer avant 23h59 (heure de Toronto) le 6 février 2025, en suivant les procédures indiquées dans les documents d'offre de TRC Capital.
Barrick Gold (NYSE:GOLD)(TSX:ABX) hat eine Mitteilung über ein unaufgefordertes Mini-Tender-Angebot von TRC Capital Investment erhalten, um bis zu 5.000.000 der Stammaktien von Barrick zu einem Preis von C$21,35 pro Aktie zu kaufen, was ungefähr 0,29 % der ausstehenden Aktien von Barrick entspricht.
Barrick unterstützt dieses unaufgeforderte Angebot nicht und empfiehlt den Aktionären ihre Aktien nicht an das Angebot von TRC Capital zu tendern, da es unter dem Marktpreis liegt. Der Angebotspreis stellt einen Rabatt von ungefähr 4,52 % und 4,38 % im Vergleich zu den Schlusskursen an der Toronto Stock Exchange und der New York Stock Exchange, jeweils am 7. Januar 2025, dar.
TRC Capital hat ähnliche unaufgeforderte Mini-Tender-Angebote für andere Unternehmen unterbreitet. Mini-Tender-Angebote vermeiden den von kanadischen und US-amerikanischen Wertpapiergesetzen geforderten Anlegerschutz. Die Canadian Securities Administrators (CSA) und die U.S. Securities and Exchange Commission (SEC) raten zu Vorsicht bei solchen Angeboten. Die SEC hat Tipps für Investoren zu Mini-Tender-Angeboten veröffentlicht, die auf ihrer Website gefunden werden können. Die Richtlinien der CSA zu Mini-Tender-Angeboten sind auf der Website der Ontario Securities Commission verfügbar.
Die Aktionäre von Barrick werden aufgefordert, aktuelle Marktpreise einzuholen, sich mit ihrem Broker oder Finanzberater zu konsultieren und Vorsicht walten zu lassen. Aktionäre, die bereits ihre Aktien tenderiert haben, können diese gemäß den Verfahren in den Angebotsunterlagen von TRC Capital bis zum 6. Februar 2025 um 23:59 Uhr (Toronto-Zeit) zurückziehen.
- None.
- TRC Capital's offer price is approximately 4.52% and 4.38% below market prices on the Toronto and New York Stock Exchanges, respectively.
- The mini-tender offer avoids investor protections such as disclosure and procedural requirements under Canadian and U.S. securities laws.
Insights
This hostile mini-tender offer from TRC Capital represents a calculated attempt to acquire Barrick shares at a 4.52% discount to market price, exploiting regulatory gaps in tender offer requirements. The offer for 5,000,000 shares (0.29% of outstanding shares) at
Mini-tender offers like this operate in a regulatory gray area by targeting less than 5% of outstanding shares, thereby avoiding the robust investor protections that apply to larger tender offers. TRC Capital's strategy aligns with their historical pattern of making similar below-market offers to shareholders of other public companies, banking on investor confusion and lack of market price awareness.
The dual warnings from both the CSA and SEC highlight the predatory nature of these offers. For context, legitimate tender offers typically come with a premium to market price to incentivize shareholders, not a discount. This attempt to acquire shares below market value while circumventing standard investor protections raises significant red flags from a securities law perspective.
The financial implications of this mini-tender offer are concerning. At
Think of this as someone offering to buy your house for 95 cents on the dollar when you could easily sell it at full market price through normal channels. The timing of this offer, amid volatile gold markets, appears opportunistic. The February 6, 2025 deadline creates artificial time pressure on shareholders to make decisions without proper market evaluation.
For retail investors particularly, it's important to understand that accepting this offer would mean leaving money on the table unnecessarily. The current market provides better execution prices through normal trading channels and there's no strategic benefit to tendering shares at a discount.
TORONTO, Jan. 13, 2025 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) has received notice of an unsolicited mini-tender offer made by TRC Capital Investment Corporation (TRC Capital) to purchase up to 5,000,000 of Barrick’s common shares, representing approximately
Barrick cautions shareholders that the mini-tender offer has been made at a price below market price for the Barrick common shares. TRC Capital's unsolicited below-market offer price of C
TRC Capital has made several similar unsolicited mini-tender offers for shares of other public companies. Mini-tender offers are designed to avoid investor protections such as disclosure and procedural requirements applicable to most take-over bids and tender offers under Canadian and U.S. securities laws. Both Canadian Securities Administrators (CSA) and the U.S. 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 SEC has issued "tips for Investors" regarding mini-tender offers, noting that some bidders, in making the offers at below-market prices, are "hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price." The SEC's advisory may be found on the SEC website at http://www.sec.gov/investor/pubs/minitend.htm.
The CSA's long-standing guidance on mini-tenders can be found on the Ontario Securities Commission website at www.osc.gov.on.ca/en/SecuritiesLaw_csa_19991210_61-301.jsp.
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.
Barrick shareholders are urged to obtain current market quotations for their shares, consult with their broker or financial advisor and exercise caution with respect to TRC Capital's unsolicited offer. According to TRC Capital's offer documents, Barrick shareholders who have already tendered their shares can withdraw their shares at any time before 11:59 p.m. (Toronto time) on February 6, 2025 by following the procedures set forth in TRC Capital's offer documents.
Barrick requests that a copy of this news release be included in any distribution to Barrick shareholders of materials relating to TRC Capital's mini-tender offer for Barrick common shares.
Barrick enquiries
Investor and media relations
Kathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com
Website: www.barrick.com
FAQ
What is the unsolicited mini-tender offer from TRC Capital for Barrick Gold (GOLD) shares?
Why does Barrick Gold (GOLD) recommend rejecting TRC Capital's mini-tender offer?
How does TRC Capital's mini-tender offer for Barrick Gold (GOLD) shares compare to the market price?
What should Barrick Gold (GOLD) shareholders do if they have already tendered their shares to TRC Capital's offer?
What are mini-tender offers and why should investors be cautious?
Where can Barrick Gold (GOLD) shareholders find more information about mini-tender offers?
