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The non-nullable type is 'String' within parent type 'Content'","path":["readnext","contents",4,"uri"],"extensions":{"classification":"NullValueInNonNullableField"}}],"data":{"articleData":{"uri":"/2010/06/03/chubb-calls-for-rejection-of-mini-tender-offer/","canonicalUrl":"https://www.propertycasualty360.com/2010/06/03/chubb-calls-for-rejection-of-mini-tender-offer/","generatedId":"heh45fijmm","naturalId":"blogAndPostId/blog/post/414-25699","type":"ARTICLE","postFormat":null,"kickerPresentedBy":null,"breadcrumb":[],"presentedBy":"","title":"Chubb Calls For Rejection Of Mini-Tender Offer","readtime":"2","timeToRead":"2 minute","prettyModified":"","prettyDateTime":"June 03, 2010 at 08:00 PM","needToKnow":[],"byline":"Mark E. Ruquet","showDisclaimer":true,"authors":[{"name":"Mark E. Ruquet","description":"","imageLarge":"https://secure.gravatar.com/avatar/f16d6fc2845f417ea0e93a3f2b6cd37d?s=136&d=mm&r=g","webUrl":"/author/profile/mark-e-ruquet/"}],"publication":"Property Casualty 360","kicker":"News","kickerNode":[{"name":"News","slug":"news-kicker","uri":"/news/","sectionName":"News"}],"prettyDate":"June 03, 2010","pubDate":"2010-06-03 20:00:00:000","modifiedDate":"","isDownload":"false","primaryCategory":{"channelName":"","sectionName":"","name":"","uri":"","slug":"","channelUri":""},"tags":[],"image":{"uri":"","width":"","height":"","alt":""},"embed1":"","embed2":"","summary":"Warren, N.J.-based insurer The Chubb Corp. is calling upon investors to reject an unsolicited &quot;mini-tender&quot; offer from TRC Capital Corp., which has a history of such questionable practices.","categories":[],"bodyArray":["<p><strong xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\">NU Online News Service, June 4, 3:40 p.m. EDT</strong> <p>Warren, N.J.-based insurer The Chubb Corp. is calling upon investors to reject an unsolicited \"mini-tender\" offer from TRC Capital Corp., which has a history of such questionable practices.</p>","<p>Chubb told investors that the offer to purchase up to two million shares, or about 0.6 percent of the company's common stock, would be at a discount of 4.35 percent of the closing price of $49.14 as of May 26. TRC is offering $47 per share.</p>","<p>The sale would also be subject to numerous conditions, \"including the availability of financing on terms satisfactory to TRC in its reasonable discretion,\" Chubb added.</p>","<div class=\"paywall-content\"><p>\"Chubb does not endorse TRC's offer and recommends that shareholders do not tender their shares in response to the offer,\" the carrier said.</p>","<p>Chubb advised investors to review a letter from the Securities and Exchange Commission (<a href=\"http://www.sec.gov/investor/pubs/minitend.htm\">www.sec.gov/investor/pubs/minitend.htm</a>) about mini-tender offers.</p>","<p>In the letter, the SEC notes that mini-tender offers (less than 5 percent of the company's stock) are designed to purchase a large share of stock without the need for filings designed to protect investors. The offer is meant to catch investors off-guard so they will sell their shares below the current value, the SEC said.</p>","<p>This is not the first time TRC has made such offers, and the companies targeted have told investors to reject those offers because the stock is undervalued. Among a number of companies targeted by TRC over the past few years were PepsiCo, the grocery store chain Kroger, and mining company Freeport-McMoRan.</p>","<p>Chubb also noted that shareholders who have tendered their shares to TRC can withdraw their shares before June 25.</p></div>"],"slides":[],"video":null},"articlePackages":[],"youmightlike":[{"uri":"/2024/11/06/third-quarter-global-insured-catastrophe-losses-exceed-100-billion/","title":"Third-quarter global insured catastrophe losses exceed $100 billion","byline":"Joe Toppe","prettyDate":"November 06, 2024","readtime":"2","image":{"uri":"https://images.propertycasualty360.com/contrib/content/uploads/sites/414/2024/11/Rescue-Service-Flood-Article-202411061106.jpg","width":"620","height":"372"},"summary":"Twenty-six different billion-dollar loss events hit the United States so far in 2024, Aon reports."},{"uri":"/2024/11/06/around-the-pc-insurance-industry-november-6-2024/","title":"Around the P&C insurance industry: November 6, 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