Freeport-McMoran Recommends Rejection Of Below-Market Price Mini-Tender Offer By TRC Capital Investment
Portfolio Pulse from Benzinga Newsdesk
Freeport-McMoRan Inc. (NYSE:FCX) has advised its shareholders to reject the unsolicited mini-tender offer from TRC Capital Investment Corporation to purchase up to 3 million FCX shares at $32.20 each. This offer is below the market value, with a 4.4% discount from the closing price on November 10, 2023, and a 10% discount from the closing price on November 16, 2023.
November 17, 2023 | 6:59 am
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Freeport-McMoRan Inc. recommends shareholders to decline TRC Capital's mini-tender offer, which undervalues FCX's stock by 4.4% to 10% compared to recent closing prices.
The recommendation by Freeport-McMoRan to reject the mini-tender offer is likely to be seen as a positive move by the market, as it suggests that the company believes its stock is undervalued at the offer price. This could lead to a short-term positive sentiment among investors, potentially increasing the stock price.
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IMPORTANCE 85
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