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Intuitive Surgical urges rejection of TRC's sub-market mini-tender offer

Tue, 01/21/2014 - 12:08pm
Mass Device

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.

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