Reuters: Private Equity: Marvell Technology asks shareholders to reject TRC Capital's mini-tender

Reuters: Private Equity Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Marvell Technology asks shareholders to reject TRC Capital's mini-tender Mar 26th 2012, 12:29 March 26 | Mon Mar 26, 2012 8:29am EDT March 26 (Reuters) - Marvell Technology Group Ltd said it recommended shareholders reject a mini-tender offer by TRC Capital Corp to purchase up to 6 million of the chipmaker's shares. TRC Capital intends to buy about 1 percent of Marvell at $15 per share. Marvell shares were up 1 percent at $16.01 in premarket trade on Monday, after closing at $15.84 on Friday on the Nasdaq. The offer price was 5 percent below the closing price on March 22, the approximate date of commencement of the offer, Marvell said in a statement. Mini-tender offers are designed to acquire less than 5 percent of a company's outstanding shares, thereby avoiding many disclosure and procedural requirements of the U.S. Securities and Exchange Commission. TRC Capital has made similar offers for publicly traded companies in the past, which have been rebuffed. In February, cellphone chip supplier Qualcomm Inc and Dutch consumer electronics giant Philips rejected similar mini-tender offers by TRC Capital.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions