Wednesday, August 19, 2020

Intel Recommends Stockholders Reject TRC Capital’s ‘Mini-Tender Offer’

Intel Corporation recently learned of an unsolicited “mini-tender offer” made by TRC Capital Investment Corp. to Intel stockholders to purchase up to 3 million shares of Intel common stock at $45.63 per share. TRC Capital’s offer price is approximately 4.40 percent below the closing share price of Intel common stock on July 31, 2020 ($47.73), the day before the offer commenced, and approximately 6.21 percent below the closing price of Intel common stock on Aug. 18, 2020 ($48.65). The offer is also for less than 1% of Intel’s outstanding shares.