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.
