Adobe Rejects TRC Capital’s Tender Offer For 3m Shares (ADBE)
Weird small tender offer to buy 3 million shares of ADBE for 33.52 the bidis under current market value by about 5%. Adobe has told shareholders to reject TRC’s offer.
Adobe has been subject to quite a bit of takeover speculation lately, though nothing has materialized. This reminds me of the chatter going around with IMAX, the stock is just a yoyo…
The company stated:
“Adobe recommends rejection of below-market tender offer from TRC Capital. Adobe has been notified of an unsolicited “mini-tender” offer by TRC Capital to purchase up to 3M shares. Adobe does not endorse TRC’s offer and recommends that Adobe stockholders do not tender their shares in response to the offer because it is a mini-tender offer at a price below the current market price for Adobe shares and is subject to numerous conditions. “