[September 01, 2015] |
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AT&T Recommends Shareholders Reject Mini-Tender Offer from TRC Capital
AT&T
Inc. (NYSE:T)
has learned that TRC Capital Corporation has made an unsolicited
"mini-tender" offer, dated August 27, 2015. TRC has offered to purchase
up to 3 million shares of AT&T (News - Alert) stock at $31.30 per share, or 4.3 percent
below AT&T's closing share price on August 26, 2015. AT&T is in no way
associated with TRC Capital Corporation and recommends that shareholders
reject this unsolicited offer.
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 the U.S. Securities and Exchange Commission
(SEC (News - Alert)) requires for tender offers.
On its website,
the SEC has issued an alert regarding mini-tender offers. This alert
advises that mini-tender offers "have been increasingly used to catch
investors off guard" and that investors "may end up selling their
securities at below-market prices."
TRC has a history of mini-tender offers. Like its other offers, this one
puts individual investors at risk because they may not realize they're
selling their shares at a discount. AT&T urges investors to get current
stock quotes for their shares of AT&T, conslt their financial advisors
and exercise caution with respect to TRC's offer. Shareholders who may
already have tendered their shares may withdraw them by providing, prior
to the expiration of the offer, the written notice described in the TRC
offering documents. The offer is set to expire at 12:01 a.m. Eastern
time on September 25, 2015, but TRC may extend this at its discretion.
AT&T requests that a copy of this news release be included with all
distributions of materials related to TRC's offer for shares of AT&T
common stock.
AT&T products and services are provided or offered by subsidiaries
and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc.
About AT&T
AT&T Inc. (NYSE:T)
helps millions around the globe connect with leading entertainment,
mobile, high speed Internet and voice services. We're the world's
largest provider of pay TV. We have TV customers in the U.S. and 11
Latin American countries. In the U.S., our wireless network offers the
nation's strongest LTE (News - Alert) signal and the most reliable 4G LTE
network. We offer the best global wireless coverage*. And we help
businesses worldwide serve their customers better with our mobility and
secure cloud solutions.
Additional information about AT&T products and services is available at http://about.att.com.
Follow our news on Twitter (News - Alert) at @ATT, on Facebook at http://www.facebook.com/att
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© 2015 AT&T Intellectual Property. All rights reserved. AT&T, the Globe
logo and other marks are trademarks and service marks of AT&T
Intellectual Property and/or AT&T affiliated companies. All other marks
contained herein are the property of their respective owners.
Reliability and signal strength claims based on nationwide carriers'
LTE. Signal strength claim based ONLY on avg. LTE signal strength. LTE
not available everywhere.
*Global coverage claim based on offering discounted voice and data
roaming; LTE roaming; voice roaming; and world-capable smartphone and
tablets in more countries than any other U.S. based carrier. Coverage
not available in all areas. Coverage may vary per country and be
limited/restricted in some countries.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150901006687/en/
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