General Mills Recommends Shareholders Reject “Mini-Tender” Offer by TRC Capital Investment Corporation
General Mills is not affiliated with TRC and does not endorse TRC’s unsolicited mini-tender offer.
General Mills recommends that General Mills shareholders do not tender their shares in response to the offer. General Mills also recommends that any shareholders who have tendered shares to TRC withdraw those shares by providing the written notice described in the offer documentation before the expiration of the offer, which is currently scheduled for
TRC has included in the terms of its offer a condition that the price of General Mills’ common stock must not decrease. As a result, unless TRC decides to waive this condition, General Mills shareholders who tender their shares in the offer would receive a below-market price for their shares through the tender offer. The offer is also subject to numerous other conditions, including TRC’s ability to obtain sufficient financing to consummate the offer.
Shareholders should obtain current market quotes for their shares, review the conditions to TRC’s mini-tender offer, consult with their brokers or financial advisors, and exercise caution with respect to TRC’s mini-tender offer.
Mini-tender offers are designed to seek less than five percent of a company’s outstanding shares, thereby avoiding many investor protections including the disclosure and procedural requirements applicable to larger tender offers under
General Mills encourages brokers and dealers, as well as other market participants, to review the SEC’s letter regarding broker-dealer mini-tender offer dissemination and disclosures at https://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.
General Mills requests that a copy of this press release be included with all distributions of materials relating to TRC’s mini-tender offer for shares of General Mills common stock.
About General Mills
General Mills makes food the world loves. The company is guided by its Accelerate strategy to drive shareholder value by boldly building its brands, relentlessly innovating, unleashing its scale and being a force for good. Its portfolio of beloved brands includes household names such as Cheerios,
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Source: General Mills