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CSX Corp. yesterday recommended that shareholders reject an unsolicited "mini-tender" offer by TRC Capital Investment Corp. to purchase up to 4 million shares of CSX common stock at $34.75 per share in cash.
Shareholders should reject the offer because the price is 4.43% below the $36.34 closing price of CSX common stock on March 18, the last trading day before the mini-tender began, CSX officials said in a press release.
The Class I is not affiliated with TRC and does not endorse its unsolicited offer, CSX officials said.
The offer is also subject to a number of conditions, including TRC’s ability to secure sufficient financing to consummate the offer.
CSX officials recommend that any shareholders who have tendered shares to TRC withdraw those shares by providing the written notice described in the offering documentation before the offer expires April 20.
"[We] urge shareholders to obtain current market quotes for their shares, to review the conditions to TRC’s mini-tender offer, to consult with their brokers or financial advisors and to exercise caution with respect to TRC’s mini-tender offer," CSX officials said.