Marsh & McLennan Companies Inc. warned shareholders against accepting a tender offer from TRC Capital that is below the stock's current value.
The New York-based services firm, parent company of insurance broker Marsh, said it was notified of an unsolicited “mini-tender” offer by TRC Capital Corporation to purchase up to three million shares of its common stock, representing less than 1 percent of MMC's outstanding shares.
Ontario, Canada-based TRC Capital has made many similar below-market mini-tender offers for other companies' shares for its profit
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