Magna recommends rejection of "mini-tender" offer

Aurora, ontario, aug. 09, 2024 (globe newswire) -- magna international inc. (tsx: mg; nyse: mga) today reported that it has received notice of an unsolicited mini-tender offer made by trc capital investment corporation (“trc capital”) to purchase up to 2,000,000 magna common shares, or less than 1% of magna's outstanding common shares, at a price of cdn $57.90 per share. magna cautions shareholders that the mini-tender offer has been made at a price below recent market prices, representing a discount of 4.49% to the closing price of magna's common shares on the toronto stock exchange (“tsx”) on july 29, 2024, the last trading day before the mini-tender offer commenced. although the offering price represents a premium of 7.58% to yesterday's closing price of magna common shares on the tsx of cdn $53.82, the offer is highly conditional. trc capital's offer states that it may withdraw its offer if, among other things, the market price of magna common shares falls below cdn $57.58, for reference, the closing price on the tsx for magna common shares on august 8, 2024, was cdn $53.82, which is already below this threshold; additionally, trc capital's offer is not fully funded and is conditioned upon receipt of necessary financing on terms it deems reasonable in its sole discretion.
MGA Ratings Summary
MGA Quant Ranking