Snap responds to “mini-tender” offer by TRC Capital Investment Corp.

GaryPageau ,

Snap Inc. announced it received notice of an unsolicited “mini-tender” offer by TRC Capital, to purchase up to 2 million shares of Snap Class A common stock at a price of $50.25 per share in cash. TRC Capital’s offer price is 4.43% below the $52.58 closing price per share of Snap’s Class A common stock on Oct. 29, 2021, the last trading day before TRC Capital commenced its mini-tender offer. If all shares are acquired, TRC Capital’s ownership would represent approximately 0.15% of Snap’s outstanding Class A common stock.

Snap, which is not affiliated with TRC Capital, said it does not endorse the offer documentation or the unsolicited mini-tender offer. Mini-tender offers seek to acquire less than five percent of a company’s outstanding shares.

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Gary Pageau is principal of InfoCircle LLC, continuing his marketing communications career. InfoCircle LLC is a marketing and communications consulting firm, specializing in business-to-business markets. For nearly 25 years, he was with PMA International, serving most recently as Publisher, Content Development and Strategic Initiatives. His primary responsibilities included overseeing the Association’s editorial department, marketing research unit, education and corporate relations department.