The $20.35 per share bid represents a 4% discount on Forest’s stock value.
Forest Laboratories received a proposal from TRC Capital for the purchase of less than 1% of its outstanding shares for about $61 million. The company has advised its stockholders to not tender their shares.
The unsolicited mini-tender offer comes at a 4% discount to the closing price of Forest Labs’ stock the day before it was made. TRC said on December 2 that it would buy 3 million outstanding shares for $20.35 per share. Forest’s closing value on December 1 was $21.20 and the company opened today at $23.30.
Forest Labs urges shareholders to obtain current market quotations for their Forest stock, consult with their broker or financial advisor, and exercise caution with respect to TRC’s offer or the offer documentation. The firm also suggests that those shareholders who have already tendered their shares withdraw their shares as described in TRC Capital’s offer-to-purchase document prior to the current expiration date of 12:01 am EST, Wednesday, December 31.
