PSEG recommends shareholders reject "mini-tender" offer by TRC Capital Investment Corporation
PSEG (NYSE: PEG) has issued a strong recommendation against an unsolicited mini-tender offer from TRC Capital Investment Corporation. The offer seeks to purchase up to 1.5 million shares (approximately 0.3%) of PSEG's common stock at $80.60 per share, which is 4.51% below the July 21 closing price of $84.41 and 9.4% below the August 1 closing price of $88.97.
The offer, set to expire on August 20, 2025, is subject to numerous conditions and lacks the standard investor protections required for larger tender offers. PSEG emphasizes that shareholders who have already tendered their shares can withdraw them before the expiration date and urges investors to exercise caution and obtain current market quotations before making any decisions.
PSEG (NYSE: PEG) ha espresso un forte avviso contrario a un'offerta mini-tender non richiesta da parte di TRC Capital Investment Corporation. L'offerta mira ad acquistare fino a 1,5 milioni di azioni (circa lo 0,3%) del capitale sociale di PSEG al prezzo di 80,60 $ per azione, che rappresenta un valore inferiore del 4,51% rispetto al prezzo di chiusura del 21 luglio pari a 84,41 $ e un 9,4% inferiore rispetto al prezzo di chiusura del 1° agosto pari a 88,97 $.
L'offerta, che scade il 20 agosto 2025, è soggetta a numerose condizioni e non prevede le protezioni standard per gli investitori richieste per offerte di acquisto più ampie. PSEG sottolinea che gli azionisti che hanno già presentato le proprie azioni possono ritirarle prima della data di scadenza e invita gli investitori a prestare attenzione e a ottenere quotazioni di mercato aggiornate prima di prendere qualsiasi decisione.
PSEG (NYSE: PEG) ha emitido una fuerte recomendación en contra de una oferta mini-tender no solicitada de TRC Capital Investment Corporation. La oferta busca comprar hasta 1.5 millones de acciones (aproximadamente el 0.3%) de las acciones comunes de PSEG a $80.60 por acción, lo cual es 4.51% menor al precio de cierre del 21 de julio de $84.41 y 9.4% menor al precio de cierre del 1 de agosto de $88.97.
La oferta, que vence el 20 de agosto de 2025, está sujeta a numerosas condiciones y carece de las protecciones estándar para inversores requeridas en ofertas de compra más grandes. PSEG enfatiza que los accionistas que ya hayan presentado sus acciones pueden retirarlas antes de la fecha de vencimiento y exhorta a los inversores a actuar con cautela y obtener cotizaciones actuales del mercado antes de tomar cualquier decisión.
PSEG (NYSE: PEG)는 TRC Capital Investment Corporation의 비공식 미니 테이더 오퍼에 대해 강력히 반대하는 입장을 발표했습니다. 이 오퍼는 PSEG 보통주 중 최대 150만 주(약 0.3%)를 주당 $80.60에 매수하려는 것으로, 이는 7월 21일 종가 $84.41보다 4.51% 낮고 8월 1일 종가 $88.97보다 9.4% 낮은 가격입니다.
이 오퍼는 2025년 8월 20일에 만료되며 여러 조건이 붙어 있고, 대규모 테이더 오퍼에 요구되는 표준 투자자 보호장치가 결여되어 있습니다. PSEG는 이미 주식을 제출한 주주들이 만료일 이전에 철회할 수 있음을 강조하며, 투자자들에게 신중을 기하고 최신 시장 시세를 확인한 후 결정을 내릴 것을 권고합니다.
PSEG (NYSE : PEG) a émis une forte recommandation contre une offre mini-tender non sollicitée de TRC Capital Investment Corporation. L'offre vise à acheter jusqu'à 1,5 million d'actions (environ 0,3 %) des actions ordinaires de PSEG au prix de 80,60 $ par action, ce qui représente une baisse de 4,51 % par rapport au cours de clôture du 21 juillet à 84,41 $ et une baisse de 9,4 % par rapport au cours de clôture du 1er août à 88,97 $.
L'offre, qui expire le 20 août 2025, est soumise à de nombreuses conditions et ne comporte pas les protections standard des investisseurs requises pour les offres publiques d'achat plus importantes. PSEG souligne que les actionnaires ayant déjà soumis leurs actions peuvent les retirer avant la date d'expiration et encourage les investisseurs à faire preuve de prudence et à obtenir des cotations de marché actuelles avant de prendre une décision.
PSEG (NYSE: PEG) hat eine klare Warnung gegen ein unerbetenes Mini-Tender-Angebot der TRC Capital Investment Corporation ausgesprochen. Das Angebot zielt darauf ab, bis zu 1,5 Millionen Aktien (etwa 0,3 %) der PSEG-Stammaktien zu einem Preis von 80,60 $ pro Aktie zu kaufen, was 4,51 % unter dem Schlusskurs vom 21. Juli von 84,41 $ und 9,4 % unter dem Schlusskurs vom 1. August von 88,97 $ liegt.
Das Angebot, das am 20. August 2025 ausläuft, unterliegt zahlreichen Bedingungen und bietet nicht den üblichen Anlegerschutz, der bei größeren Tender-Angeboten erforderlich ist. PSEG betont, dass Aktionäre, die ihre Aktien bereits eingereicht haben, diese vor Ablauf der Frist zurückziehen können, und fordert Investoren auf, vorsichtig zu sein und vor einer Entscheidung aktuelle Marktpreise einzuholen.
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Insights
PSEG warns shareholders about TRC Capital's below-market mini-tender offer, highlighting the lack of standard SEC protections in these solicitations.
PSEG has issued an important investor protection notice regarding an unsolicited mini-tender offer from TRC Capital Investment Corporation. TRC is offering to purchase up to 1.5 million PSEG shares (approximately 0.3% of outstanding shares) at
This type of mini-tender offer deserves serious investor scrutiny for several reasons. By targeting less than
TRC appears to be employing a predatory strategy that the SEC has explicitly warned about - attempting to catch investors off-guard by offering below-market prices, hoping shareholders won't compare the offer price to current market values. The
PSEG's management has appropriately issued this warning and directed shareholders to SEC guidance on mini-tenders. This reflects standard corporate governance practice when facing potentially exploitative tender offers. The company has no association with TRC, which has a documented history of making similar below-market mini-tender offers to shareholders of various companies.
Shareholders who may have already tendered shares should note they can withdraw prior to the August 20th expiration date, providing a remedy for those who acted before understanding the full context of TRC's offer.
NEWARK, N.J., Aug. 1, 2025 /PRNewswire/ -- Public Service Enterprise Group (NYSE: PEG) today announced that it has received notice of an unsolicited mini-tender offer by TRC Capital Investment Corporation of
PSEG is not associated in any way with TRC Capital Investment or its unsolicited mini-tender offer. PSEG recommends that shareholders do not tender their shares in response to TRC Capital Investment's offer because the offer is at a price below the market price for PSEG's shares as of the date of the offer and as of August 1, 2025, and subject to numerous conditions. Shareholders who have already tendered their shares may withdraw them at any time prior to the expiration of the offer, in accordance with the terms of TRC Capital Investment's offer. The offer is currently scheduled to expire at 12:00 a.m. Eastern Time on August 20, 2025. TRC Capital Investment may extend the offering period at its discretion.
TRC Capital Investment has made many similar mini-tender offers for shares of other companies. Mini-tender offers seek to acquire less than 5 percent of a company's shares outstanding, thereby avoiding many disclosure and procedural requirements of the
The SEC has cautioned investors that some bidders making mini-tender offers at below-market prices are "hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price." More on the SEC's guidance to investors on mini-tender offers is available at www.sec.gov/investor/pubs/minitend.htm [sec.gov].
PSEG urges investors to obtain current market quotations for their shares, to consult with their broker or financial advisor, and to exercise caution with respect to TRC Capital Investment's offer.
PSEG encourages brokers and dealers, as well as other market participants, to review the SEC's letter regarding broker-dealer mini-tender offer dissemination and disclosure at www.sec.gov/divisions/marketreg/minitenders/sia072401.htm [sec.gov].
About PSEG
Public Service Enterprise Group (PSEG) (NYSE: PEG) is a predominantly regulated infrastructure company operating
From time to time, PSEG and PSE&G release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at https://investor.pseg.com or by navigating to the Email Alerts webpage here.
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