Intuitive Surgical urges rejection of TRC's sub-market mini-tender offer
Intuitive Surgical recommends that shareholders refuse TRC Capital's offer to acquire 0.65% of the company's outstanding shares at below market value.
Robot surgical devices maker Intuitive Surgical today asked shareholders to reject a "mini-tender" offer from TRC Capital, which offered less than market value for a small slice of Intuitive's shares.
Mini-tender offers, for which TRC Capital is well-known, are direct attempts to acquire less than 5% of a company's issued shares. TRC is looking to acquire about 0.65%, or 250,000 shares, according to an Intuitive Surgical statement.