Goodyear responds to mini tender offer
Goodyear Tire & Rubber Co. has received a mini tender offer from TRC Capital Corp. to buy up to five million shares of the tiremaker's common stock -- or 3% of Goodyear's total outstanding shares -- for $19.50 per share.
Goodyear is urging its shareholders to review the offer's terms carefully and consult with their financial advisors before considering the deal.
"Mini tender offers are not subject to many disclosure, filing and procedural requirements of the U.S. Securities and Exchange Commission and are often structured to obtain shares at below-market prices," Goodyear said in an official statement.
Goodyear's stock closed at $18.97 Monday.