Eli Lilly and Co. recommended that shareholders reject an unsolicited mini-tender offer from Canadian investor TRC Capital Corp.
The investment manager offered to buy up to 1.5 million common shares of Eli Lilly — less than 0.14% of the Indianapolis pharmaceutical giant's outstanding shares — at $81 per share.
Eli Lilly said the offer is about 4.54% lower than the closing share price of its common stock on June 1, which was $84.85.
The company added that is not associated with TRC Capital or its offer.
