- Walgreens expanding scope of retail pharmacy experience and services heading into fiscal 2014
- Walgreens firing on all cylinders as chain realizes a total comp sales increase of 5.4% for its first quarter
- Bloomberg: Greg Wasson joins thought leaders to discuss the state of health care in the United States
- GSK, Walgreens launch Sponsorship to Quit, a free online quit-smoking program
- Walgreens furthers reach into North Carolina with acquisition of Kerr Drug
DEERFIELD, Ill. A drug store chain advised shareholders against tendering their shares after being alerted of an unsolicitied "mini-tender" offer.
Walgreens on Wednesday said that the offer, made by TRC Capital, seeks to purchase up to 3 million shares, or approximately 0.3%, of the outstanding Walgreens common stock at a price of $33 per share. The drug store chain said the offer should be rejected since it is below the current market price for the shares and is subject to "numerous conditions." The offer was received on Nov. 3.
Mini-tender offers occur when a company seeks to acquire less than 5% of stock from another company. TRC Capital, a Toronto-based investment firm, has attempted to acquire stock from various companies, including drug maker Novartis and Philip Morris International.
The Securities and Exchange Commission advises against mini-tender offers, stating that “some bidders make these offers at below-market prices, hoping that they will catch investors off guard if the investors do not compare the offer price [with] the current market price.”