Verizon Recommends Stockholders Reject Mini-Tender Offer from TRC Capital Investment Corporation
NEW YORK, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Verizon Communications Inc. (“Verizon”) received notice of a “mini-tender” offer by TRC Capital Investment Corporation (“TRC Capital”) and recommends that its stockholders reject the unsolicited offer. Pursuant to the offer, which is dated August 2, 2023, TRC Capital is offering to purchase up to 3 million shares of Verizon common stock at
According to guidance on the U.S. Securities and Exchange Commission (“SEC”) website, mini-tender offers “have been increasingly used to catch investors off guard” and investors “may end up selling their securities at below-market prices.” Verizon stockholders who tender their shares in the offer will receive a price below the current market price of Verizon common stock.
Mini-tender offers seek less than 5 percent of a company’s outstanding shares. This lets the offering company avoid many disclosure and procedural requirements that the SEC requires for tender offers.
Verizon urges investors to obtain current market quotes for their shares of common stock, consult with their financial advisors and exercise caution with TRC Capital’s offer. Stockholders who already tendered their shares may withdraw them by providing the written notice described in the TRC Capital offering documents before the expiration of the offer and at other times described in the offering.
Verizon requests that a copy of this news release be included with all distributions of materials related to TRC Capital’s offer for shares of Verizon common stock.
Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is one of the world’s leading providers of technology and communications services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of
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Media contact:
Eric Wilkens
eric.wilkens@verizon.com
201-572-9317