Xcel Energy Inc. is recommending that its shareholders reject an unsolicited mini-tender offer from private investment manager TRC Capital Corp.

TRC Capital is offering to purchase up to 2.5 million Xcel shares, or 0.49% of the outstanding shares, at $45.15 apiece, according to an Oct. 9 news release.

Xcel Energy said the offer price is 4.36% below the $47.21 closing stock price Sept. 28, the last trading day before the offer date. It is also 7.4% below the $48.78 closing stock price Oct. 8.