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Principal Financial recommends shareholders reject mini-tender offer

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Principal Financial recommends shareholders reject mini-tender offer

Principal Financial Group Inc. is urging shareholders to reject an unsolicited mini-tender offer from Baker Mills LLC, which is seeking to buy up to 50,000 Principal Financial shares from stockholders.

Baker Mills is offering to buy the shares for about $67.20 each. Principal Financial's shares closed at about $75.04 on Jan. 26, the last trading day before the offer was made on Jan. 29.

The company's stock fell sharply the day after it reported fourth-quarter 2017 earnings, which were disclosed on Jan. 29 after market hours. The shares closed at $68.46 on Feb. 1.