Mayfield Village, Ohio-based Progressive Corp. warned its stockholders today that a "mini-tender offer" by Toronto-based TRC Capital Corp. for five million of its shares is more than $2 below the stock's closing price on Friday.

The insurer noted that the Securities Exchange Commission (SEC) has issued an investor alert regarding such offers, noting that "some bidders make 'mini-tender' offers at below-market prices, hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price."

TRC was offering $16.60 per share, which Progressive said was more than 4 percent below the April 15 per share closing price of $17.37, the day before the mini-tender offer was commenced, and approximately 11 percent below Friday's $18.64 per share closing price.

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