CSX has urged its shareholders to reject an unsolicited “mini-tender” offer by TRC Capital Investment Corporation.
In a news release, CSX said TRC is seeking to purchase up to 4 million shares of CSX common stock at $34.75 per share in cash, which CSX management said is 0.43 percent below the $36.34 closing price of CSX common stock on March 18, the last trading day before the mini-tender began.
The CSX news release said the transportation company is not affiliated with TRC and does not endorse its unsolicited offer.
CSX said shareholders who have tendered shares to TRC should withdraw those shares by providing the written notice described in the offering documentation before the offer expires April 20.