DENVER - Just weeks after becoming a public company again, Western Union has become the target of a so-called mini tender offer from Canadian investment company TRC Capital Corp.
The world's leading remittance company said the $22.50-a-share offer for up to five million shares does not offer enough of a premium.
TRC has made similar mini-tenders for drug-maker Wyeth, oil giant Chevron and JDS Uniphase, the maker of optical network equipment.
In a mini tender offer an investor makes a bid for less than 5% of a company's stock, meaning it does not have to disclose the offer to the public through a Securities and Exchange Commission filing.
Instead of a premium, TRC Capital often bids for shares at a discount in these tenders. Unlike other tender offers, the seller can't back out after acceptance.
The offer comes a little over a month after Western Union was spun off from First Data Corp., returning to the public markets for the first time in a decade.
