American International Group Inc., New York, said that the company did not "recommend or endorse" an unsolicited mini-tender offer to stockholders from TRC Capital Corp., a Canadian investment company.
TRC Capital offered to purchase up to 2,000,000 outstanding shares of common stock of AIG for $58.10 per share, 3.5 percent less than the current price of the stock prior to trading today.
Mini-tender offers come from third parties seeking to acquire less than 5 percent of a company's outstanding shares to avoid a number of procedural protections and disclosure requirements for the SEC.
Mini-tender offers are associated with tender offers at below-market price, which the SEC said are made by some bidders to catch investors off guard if they do not compare the price to the current market price.
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