Reported Earlier, BorgWarner Recommends Stockholders Reject The Below Market Mini-Tender Offer By TRC Capital Investment
Portfolio Pulse from Benzinga Newsdesk
BorgWarner Inc. (NYSE:BWA) has advised its stockholders to reject an unsolicited mini-tender offer from TRC Capital Investment Corporation, which aims to purchase up to 4 million shares at $28.80 each. This offer price is a 4.51% discount below BorgWarner's closing price on February 20, 2024, and a 5.94% discount from its closing price on February 22, 2024. The offer represents about 1.74% of BorgWarner's outstanding shares as of December 31, 2023.
February 23, 2024 | 7:45 am
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BorgWarner Inc. is targeted by TRC Capital with a mini-tender offer below market value, advising shareholders to reject the offer.
The unsolicited mini-tender offer by TRC Capital is below the current market price of BorgWarner's shares, which could potentially undervalue the company's stock and negatively impact shareholder value in the short term. The company's recommendation for shareholders to reject the offer indicates a protective stance towards its stock value and shareholder interests.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100