Waste management recommends rejection of 'mini-tender offer' by trc
capital corporation
Houston--(business wire)--waste management, inc. (nyse:wm) has been notified of an unsolicited "mini-tender offer” by trc capital corporation to purchase up to 3 million shares, or approximately 0.65 percent, of outstanding waste management common stock at $33.00 per share. trc capital’s offer price is 4.62 percent below waste management's closing share price on aug. 20, 2012, the day prior to the offer. the offer by trc capital is also subject to numerous conditions. waste management is not associated with trc capital, this mini-tender offer or the offer documentation. waste management does not endorse the offer and recommends against stockholders tendering their shares in response to this offer. trc capital has made many similar mini-tender offers for shares of other companies. mini-tender offers, such as this one, are third-party offers that seek to acquire less than 5 percent of a company's outstanding shares. these offers avoid many of the investor protections afforded for large tender offers, including the filing of disclosure and other tender offer documents with the u.s. securities and exchange commission (sec), and other procedures required by u.s. securities laws. waste management recommends that stockholders who have not responded to the trc capital offer take no action. waste management further recommends that stockholders who have already tendered shares in trc capital’s offer withdraw their shares by providing the written notice described in the trc capital offering documents prior to the expiration of the offer, currently scheduled for 12:01 a.m. eastern time on thursday, sept. 20, 2012. waste management urges stockholders to obtain current market quotations for their shares, review the conditions to the offer, and consult with their broker or financial adviser. the sec has advised that bidders making mini-tender offers at below-market prices are often, "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 guidance to investors on mini-tender offers is available at: http://www.sec.gov/investor/pubs/minitend.htm. waste management encourages stockbrokers and dealers, as well as other market participants, to review the sec and new york stock exchange recommendations on the dissemination of mini-tender offers. these recommendations are available at: http://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm and in the information memo number 01-27 issued by the nyse on sept. 28, 2001, which can be found under the "regulation – nyse - rules & interpretations - information memos" tab at www.nyse.com. about waste management waste management, inc., based in houston, texas, is the leading provider of comprehensive waste management services in north america. through its subsidiaries, the company provides collection, transfer, recycling and resource recovery, and disposal services. it is also a leading developer, operator and owner of waste-to-energy and landfill gas-to-energy facilities in the united states. the company’s customers include residential, commercial, industrial, and municipal customers throughout north america. to learn more information about waste management visit www.wm.com or www.thinkgreen.com.
WM Ratings Summary
WM Quant Ranking
You've reached your free article limit.
Want To Read More Articles?
See what it all means for your stocks with premium tools
Stockprices is a weekly video covering what moved markets
this week, featuring a panel of Stockprices editors. It is published by the
close of trading on Fridays. Hosted by Nathaniel E. Baker, contributing editor,
and featuring: Aaron Task, VP Contributor Content and co-host Stockprices's Alpha
Trader podcast; Brad Olesen, VP News; Steve Alpher, Managing Editor News, co-host
Alpha Trader.
Unsubscribe From All
You successfully activated
“Only Essentials”
Confirm Upgrade
Your subscription will be moved to the annual plan. Service will automatically renew unless cancelled. No Refunds. Click upgrade to confirm.
Stockprices uses Plaid to connect you account
Connect effortlessly
Plaid lets you securely connect your financial accounts in seconds
Your data belongs to you
Plaid doesn't sell personal info, and will only use it with your permission