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Tahoe recommends shareholders reject unsolicited share tender offer

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Tahoe recommends shareholders reject unsolicited share tender offer

Tahoe Resources Inc. has recommended that shareholders reject TRC Capital Corp.'s unsolicited mini cash tender offer to buy up to 5 million Tahoe common shares.

TRC has offered to buy about 1.61% of the issued share capital of Tahoe at C$14.35 per share in cash.

The offer was below market price and a discount of 4.59% and 4.32% to the closing price of the company's shares on the Toronto Stock Exchange and NYSE, respectively on Oct. 5, the last trading day after the tender offer was started.

In addition, the offer is subject to a number of conditions, Tahoe said Oct. 10.

Tahoe booked a record revenue of US$228.3 million in the second quarter due to higher realized prices for gold and silver.