Q: I have just received an announcement of a mini-tender for Loblaw stock by TRC Capital. It gives Loblaw shareholders the following options: Option 1: To receive $111.11 for each share of Loblaw; and Option 2: Not Participate (Default Option). I have 2,100 shares of Loblaw at the present time. Please advise which option I should take. Thank you for your kind attention.
A: Loblaw Companies Ltd., $119.50, symbol L on Toronto (Shares outstanding: 316.9 million; Market cap: $37.6 billion; www.loblaw.ca)is a recommendation of our flagship publication, The Successful Investor. It is now the subject of a “mini-tender” offer from TRC Capital Investment Corporation.
Mini-tenders typically bid for shares at prices below the market price, and the offers are highly conditional.
Generally, these proposals aim to buy less than 5% of a company’s outstanding shares. That way, they avoid certain regulatory requirements.
The U.S. Securities and Exchange Commission (SEC) has issued comments about mini-tender offers. The SEC states: “Some bidders make mini-tender offers at below-market prices, hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price.”
Loblaw is now trading at $119.50, well above the mini-tender price of $111.11. We continue to see the stock as a buy. The bid by TRC Capital (which has nothing to do with Loblaw’s management) is best ignored.
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Privacy Policy and Terms of Use
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What personal information do we collect?
The information we receive from customers helps us personalize and continually improve your online experience at TSI Network. TSI Network may collect personal information online for all legal purposes, which include, but are not limited to:
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Does TSI Network Use the Information It Receives?
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Changes to this Policy
This Policy is the sole authorized statement of TSI Network's practices with respect to the collection of personal information through TSI Network's websites and the subsequent use and disclosure of such information. Any summaries of this Policy generated by third party software or otherwise (for example, in connection with the "Platform for Privacy Preferences" or "P3P") shall have no legal effect, are in no way binding upon TSI Network, shall not be relied upon in substitute for this Policy, and neither supersede nor modify this Policy.
TSI Network may revise this Policy from time to time.
Legal Notices and Disclaimers
The contents of this web site and our publications are based upon sources of information believed to be reliable, but no warranty or representation, expressed or implied, is given as to their accuracy or completeness. Any opinion reflects the Successful Investor’s judgment at the date of publication and neither the Successful Investor, nor any of its affiliated companies, nor any of their officers, directors or employees, accepts any responsibility in respect of the information or recommendations contained in the publications or on this web site. Moreover, the information or recommendations are subject to change without notice.
Information presented on this web site or contained in our publications is not an offer, nor a solicitation, to buy or sell any securities referred to on the web site or in the publications. The material is general information intended for recipients who understand the risks associated with an investment in any securities referred to in the publications or on this web site. The Successful Investor has made no determination regarding whether an investment, course of action, or associated risks are suitable for the recipient.
