EVERETT, Wash.–( BUSINESS WIRE )– Fortive (NYSE:NYSE:) has been notified of an unsolicited tender offer by TRC Capital Investment Corporation (TRC) to purchase TRC for a cash consideration of up to $1,500,000. shares, or approximately 0.44%, of Fortive’s outstanding common stock, priced at $75.00 per share. TRC’s offer price of $75.00 per share represents a 4.93% discount to the closing price per share of Fortive’s common stock on December 6, 2024, the last trading day before the commencement of TRC’s unsolicited junior tender offer.
Fortive recommends that shareholders reject TRC’s unsolicited offer because, among other reasons, the offer price is lower than the current market price of Fortive’s common stock. The offer is also subject to several conditions. Fortive also recommends that any shareholders who have tendered shares of TRC withdraw those shares by providing the written notice described in the offering documents prior to the expiration of the offering, which is currently scheduled to occur one minute after 11:59 p.m. New York City time, on January 9. 2025.
Fortive is not associated with TRC, its Mini Tender Offer or the Mini Tender Offer Documents.
TRC made a similar unsolicited mini-offer for shares of Fortive in 2021. In addition, TRC made similar unsolicited mini-offers for shares of other public companies. The smaller tender offers are designed to acquire less than 5 percent of the company’s outstanding shares, thereby avoiding many of the investor protections, including disclosure requirements and procedural requirements, that apply to larger tender offers under the U.S. securities laws. The U.S. Securities and Exchange Commission (SEC) has warned investors about mini-tender offers, noting that “some bidders make mini-offers at below market prices, hoping to surprise investors if investors do not compare market prices.” Bid the price at the current market price.” The SEC has also posted investor advice regarding these offerings on its website at: http://www.sec.gov/investor/pubs/minitend.htm.
Fortive encourages broker-dealers, as well as other market participants, to review the SEC’s letter regarding the posting and disclosure of broker-dealer micro-bids on the SEC’s website at: http://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.
Fortive urges investors to obtain current market prices for shares of Fortive common stock, consult with their brokers or financial advisors and exercise caution in connection with the TRC offering.
About Fortif
Fortive is a provider of core technologies for connected workflow solutions across a range of attractive end markets. Fortive’s strategic sectors – Intelligent Operating Solutions, Precision Technologies and Advanced Healthcare Solutions – include well-known brands with leading positions in their markets. The company’s businesses design, develop, service, manufacture and market products, software, and professional and engineering services, based on leading brand names, innovative technologies and significant market positions. Headquartered in Everett, Washington, Fortive employs a team of more than 18,000 R&D, manufacturing, sales, distribution, service and administrative personnel in more than 50 countries around the world. With a culture rooted in continuous improvement, the core of our company operating model is the Fortive Business System. For more information please visit: www.fortive.com.
View source version on Businesswire.com: https://www.businesswire.com/news/home/20241216892796/en/
Elena Rossman
Vice President of Investor Relations
Fortif Company
6920 Seaway Blvd
Everett, Washington 98203
Phone: (425) 446-5000
Source: Fortif Company
https://i-invdn-com.investing.com/redesign/images/seo/investing_300X300.png
Source link