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Intuit Recommends Shareholders Reject Mini-Tender Offer by TRC Capital Investment Corporation
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Intuit Inc. (Nasdaq: INTU), maker of TurboTax, QuickBooks and Mint, has been notified of an unsolicited mini-tender
About this update from Intuit Inc.
[{"type":"text","content":" MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--\nIntuit Inc. (Nasdaq: INTU), maker of TurboTax, QuickBooks and Mint, has been notified of an unsolicited mini-tender offer by TRC Capital Investment Corporation (“TRC”) to purchase up to 400,000 shares of Intuit common stock at a price of $270.00 per share in cash. TRC’s offer price is approximately 4.54 percent lower than the closing price of Intuit common stock on Jan. 17, 2020 ($282.85), the last trading day prior to the commencement of the offer, and approximately 6.28 percent lower than closing price of Intuit common stock on Jan. 24, 2020 ($288.08), the last trading day prior to this release.\n\n\nIntuit does not endorse TRC’s offer and recommends that Intuit shareholders reject the offer and not tender their shares in response to TRC’s unsolicited offer. The mini-tender offer is at a price below the market price of shares of Intuit’s common stock (as of today’s date) and is subject to numerous conditions, including TRC’s ability to obtain financing. Intuit is not associated in any way with TRC, its mini-tender offer or the offer documentation.\n\n\nTRC has made many similar unsolicited mini-tender offers for shares of other publicly traded companies. Mini-tender offers seek to acquire less than 5 percent of a company’s outstanding shares, thereby avoiding many disclosure and procedural requirements of the Securities and Exchange Commission (“SEC”) that apply to tender offers for more than 5 percent of a company’s outstanding shares. As a result, mini-tender offers may not provide investors with the same level of protections as provided in larger tender offers under U.S. securities laws.\n\n\nThe SEC has cautioned investors that some bidders making mini-tender offers at below-market prices are “hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price.” More on the SEC’s guidance to investors on mini-tender offers is available at www.sec.gov/investor/pubs/minitend.htm.\n\n\nLike TRC’s other mini-tender offers, this one may put individual investors at risk because they may not realize they are selling their shares at a discount. Intuit urges investors to obtain current market quotations for their shares, review the conditions to the offer, consult with their broker or financial advisor and exercise caution with respec...