NU Online News Service, June 4, 3:40 p.m. EDT
Warren, N.J.-based insurer The Chubb Corp. is calling upon investors to reject an unsolicited "mini-tender" offer from TRC Capital Corp., which has a history of such questionable practices.
Chubb told investors that the offer to purchase up to two million shares, or about 0.6 percent of the company's common stock, would be at a discount of 4.35 percent of the closing price of $49.14 as of May 26. TRC is offering $47 per share.
The sale would also be subject to numerous conditions, "including the availability of financing on terms satisfactory to TRC in its reasonable discretion," Chubb added.
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