Not for saleCampbell Soup shareholders approached to sell stock
Campbell Soup Co., Camden, N.J., said its shareholders have received a "mini-tender" offer from an institutional investor to buy 3 percent of the company.
TRC Capital Corp. of Toronto offered to buy 12.5 million shares at $27.25 per share, or at about a 50 cent-per-share discount. The offer was made directly to shareholders on Oct. 3. Campbell's was not informed of the offer in advance.
A mini-tender offer is an offer for not more than 5 percent of a company's securities. It is not subject to the disclosure and procedural protections mandated by law for larger tender offers.
TRC has a record of having made similar mini tenders to major corporations -- in each case, evidently hoping to buy large blocks of stock at a discount from market price.
In recent months, TRC has made similar offers to shareholders of Rohm and Haas, Kellogg Co., Niagara Mohawk Holdings Inc. and Imperial Oil Co.
Campbell's cautioned shareholders that, at the present price, they'd be selling at less than the market value, but urged interested shareholders to contact their brokers or financial advisors.