{"id":440780,"date":"2021-02-22T09:03:30","date_gmt":"2021-02-22T14:03:30","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=440780"},"modified":"2021-02-22T09:03:30","modified_gmt":"2021-02-22T14:03:30","slug":"microchip-technology-recommends-stockholders-reject-trc-capitals-mini-tender-offer","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/microchip-technology-recommends-stockholders-reject-trc-capitals-mini-tender-offer\/","title":{"rendered":"Microchip Technology Recommends Stockholders Reject TRC Capital\u2019s \u201cMini-Tender Offer\u201d"},"content":{"rendered":"
\n

CHANDLER, Ariz., Feb. 22, 2021 (GLOBE NEWSWIRE) — (NASDAQ: MCHP) \u2013 Microchip Technology Incorporated recently learned of an unsolicited \u201cmini-tender offer\u201d made by TRC Capital Investment Corp. to Microchip stockholders to purchase up to 1 million shares of Microchip common stock at $152.00 per share. TRC Capital\u2019s offer price is approximately 4.73 percent below the closing share price of Microchip common stock on February 12, 2021 ($159.55), the day before the offer commenced, and approximately 6.38 percent below the closing price of Microchip common stock on February 19, 2021 ($162.35), the day prior to this release. The offer is for less than 0.5% of Microchip\u2019s outstanding shares.<\/p>\n

Microchip does not endorse TRC Capital\u2019s mini-tender offer and recommends that Microchip stockholders reject the offer and not tender their shares in response to the offer. Microchip is not associated in any way with TRC Capital, its mini-tender offer or the offer documentation. TRC Capital\u2019s mini-tender offer is at a price below the market price for Microchip shares (as of February 19, 2021) and is subject to numerous conditions.<\/p>\n

Microchip urges investors to obtain current market quotations for their shares, consult with their broker or financial adviser, and exercise caution with respect to TRC Capital\u2019s offer. Microchip stockholders who have already tendered their shares may withdraw their shares by providing notice in the manner described in the TRC Capital documents prior to the expiration of the offer, which is currently scheduled at 12:01 a.m. New York City Time on Wednesday, March 17, 2021, unless extended.<\/p>\n

Because TRC Capital\u2019s mini-tender offer is for less than 5% of Microchip\u2019s outstanding shares, it is not subject to many of the disclosure and procedural requirements of Securities and Exchange Commission (SEC) rules that are designed to protect investors. The SEC has cautioned investors about these offers, noting that they \u201chave been increasingly used to catch investors off guard if the investors do not compare the offer price to the current market price.\u201d The SEC\u2019s tips for investors regarding mini-tender offers may be found on the SEC\u2019s Web site at http:\/\/www.sec.gov\/investor\/pubs\/minitend.htm<\/a>.<\/p>\n

Microchip encourages brokers and dealers, as well as other market participants, to review the SEC\u2019s letter regarding broker-dealer mini-tender offer dissemination and disclosures at\u00a0www.sec.gov\/divisions\/marketreg\/minitenders\/sia072401.htm<\/a>\u00a0and the NASD Notice to Members 99-53 issued in July 1999 regarding guidance to members forwarding mini-tender offers to their customers, which can be found at\u00a0https:\/\/www.finra.org\/sites\/default\/files\/NoticeDocument\/p004221.pdf<\/a>.<\/p>\n

Microchip requests that a copy of this news release be included with all distributions of materials relating to TRC Capital\u2019s mini-tender offer.<\/p>\n

\n INVESTOR RELATIONS CONTACT:
<\/em>J. Eric Bjornholt \u2013 CFO
(480) 792-7804<\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

CHANDLER, Ariz., Feb. 22, 2021 (GLOBE NEWSWIRE) — (NASDAQ: MCHP) \u2013 Microchip Technology Incorporated recently learned of an unsolicited \u201cmini-tender offer\u201d made by TRC Capital Investment Corp. to Microchip stockholders to purchase up to 1 million shares of Microchip common stock at $152.00 per share. TRC Capital\u2019s offer price is approximately 4.73 percent below the closing share price of Microchip common stock on February 12, 2021 ($159.55), the day before the offer commenced, and approximately 6.38 percent below the closing price of Microchip common stock on February 19, 2021 ($162.35), the day prior to this release. The offer is for less than 0.5% of Microchip\u2019s outstanding shares. Microchip does not endorse TRC Capital\u2019s mini-tender offer and recommends that Microchip stockholders … <\/p>\n

Continue reading “Microchip Technology Recommends Stockholders Reject TRC Capital\u2019s \u201cMini-Tender Offer\u201d”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-440780","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nMicrochip Technology Recommends Stockholders Reject TRC Capital\u2019s \u201cMini-Tender Offer\u201d - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/microchip-technology-recommends-stockholders-reject-trc-capitals-mini-tender-offer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Microchip Technology Recommends Stockholders Reject TRC Capital\u2019s \u201cMini-Tender Offer\u201d - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"CHANDLER, Ariz., Feb. 22, 2021 (GLOBE NEWSWIRE) — (NASDAQ: MCHP) \u2013 Microchip Technology Incorporated recently learned of an unsolicited \u201cmini-tender offer\u201d made by TRC Capital Investment Corp. to Microchip stockholders to purchase up to 1 million shares of Microchip common stock at $152.00 per share. TRC Capital\u2019s offer price is approximately 4.73 percent below the closing share price of Microchip common stock on February 12, 2021 ($159.55), the day before the offer commenced, and approximately 6.38 percent below the closing price of Microchip common stock on February 19, 2021 ($162.35), the day prior to this release. The offer is for less than 0.5% of Microchip\u2019s outstanding shares. 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