Bloomberg News

First Solar Urges Shareholders to Reject TRC’s $30 Tender Offer

January 25, 2013

First Solar Inc. (FSLR:US), the biggest maker of thin-film solar products, is urging shareholders to reject an offer by TRC Capital Corp. to buy 2 million shares for $30 each.

First Solar shares traded above the offering price the day before the mini-tender was made, which would result in TRC gaining about 2.3 percent of the shares outstanding, the Tempe, Arizona-based company said today in a statement.

“TRC has made many similar mini-tender offers for shares of other companies,” First Solar said in the statement. “Mini- tender offers are designed to seek to acquire less than 5 percent of a company’s outstanding shares, thereby avoiding many disclosure and procedural requirements of the Securities and Exchange Commission. As a result, mini-tender offers do not provide investors with the same level of protections as provided by larger tender offers.”

To contact the reporter on this story: Christopher Martin in New York at cmartin11@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


Soul Searcher
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

Companies Mentioned

  • FSLR
    (First Solar Inc)
    • $67.59 USD
    • 1.20
    • 1.78%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus