YRC Worldwide Inc. has recommended that its shareholders reject an unsolicited mini-tender offer by TRC Capital Corp. to buy as many as 1 million shares of YRC common stock, or about 1.75 percent of its outstanding shares as of Dec. 31
In a written release late Friday, Overland Park-based YRC Worldwide said Toronto-based TRC Capital's offer of $46.75 a share is 4 percent less than YRC Worldwide's closing price of $48.71 on Jan. 9, the day before the offer started. YRC Worldwide stock closed on Friday at $47.19.
The Securities and Exchange Commission defines a mini-tender offer as one for less than 5 percent of a company's shares. Purchases of less than 5 percent of a company's shares aren't subject to SEC disclosure and procedural rules that apply to other tender offers.
YRC Worldwide said in the release that it urges its stockholders to get current market quotations for their common shares, consult with a broker or financial adviser and exercise caution with TRC Capital's offer. YRC Worldwide said that it is in no way affiliated with TRC Capital or its offer.