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TJX recommends shareholders reject TRC Capital's mini-tender offer

TJX Cos. Inc. on Dec. 20 urged its shareholders not to tender their shares to TRC Capital Corp. because its offering price of $70.95 per share was below the retailer's closing stock price of $76.06 on Dec. 19.

On Dec. 15, TRC Capital offered to buy up to 2 million shares, or 0.32%, of TJX's common stock in cash at $70.95 per share. The offer was also 4.34% below TJX's closing stock price of $74.17 on Dec. 15, the last closing price before the commencement of the offer, according to the company.

The Massachusetts-based apparel retailer said the SEC has cautioned investors about bidders making mini-tender offers at below-market prices "hoping they will catch investors off guard if the investors do not compare the offer price to the current market prices."

TRC's offer is scheduled to expire Jan. 19, 2018, according to TJX.