Reuters: Private Equity: UPDATE 1-Exelon says TRC Capital makes mini-tender offer

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UPDATE 1-Exelon says TRC Capital makes mini-tender offer May 23rd 2012, 13:27 Wed May 23, 2012 9:27am EDT May 23 (Reuters) - Exelon Corp said TRC Capital Corp made an unsolicited mini-tender offer for up to 3 million of its shares. TRC is seeking to buy the shares, which would represent about 0.35 percent of Exelon's common stock, for $36.55 per share. Exelon said the offer was 4 percent below its share-closing price on May 17, the approximate date of commencement of the offer. Mini-tender offers are designed to acquire less than 5 percent of a company's outstanding shares, thereby avoiding many procedural requirements of the U.S. Securities and Exchange Commission. Chicago-based Exelon, which operates the most number of nuclear power plants in the United States, said it does not support the offer and advised shareholders not to tender their shares to TRC. Exelon shares, which have lost about 18 percent of their value in the past six months, closed at $37.07 on Tuesday. The company is valued at about $31.56 billion.

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