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Principal Financial tells shareholders to reject Baker Mills' mini-tender offer

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Principal Financial tells shareholders to reject Baker Mills' mini-tender offer

Principal Financial Group Inc. has received notice of an unsolicited mini-tender offer by Baker Mills LLC to purchase up to 130,000 of the insurer's common shares from its shareholders at a price of $44.00 per share.

The offer represents about 0.046% of Principal Financial's outstanding common shares as of the offer date of June 4.

This offer follows two recent similar offers by Baker Mills to purchase up to 50,000 and 60,000 shares, respectively, of the company from shareholders. These offers, which terminated on March 2 and May 18, respectively, resulted in the purchase by Baker Mills of 11,163 and 40,525 of Principal Financial's shares, respectively.

The insurer in a release said that it has advised that its shareholders to not tender their shares because the offering price significantly below the current market value. Principal Financial's June 4 closing price was $56.19. The stock stood at $57.36 as of the close of trading June 11.