Pfizer warns shareholders of TRC mini-tender offer

Pfizer has been made aware of an unsolicited cash offer for a number of shares in its firm by TRC Capital Corporation of Toronto (TRC)

TRC is attempting to purchase up to four million shares in the company – equal to a stake of around 0.057 per cent of the firm – with stockholders being offered a price of $25 (12.43 pounds) for each share.

Pfizer notes that this price is 2.31 per cent lower than the closing price of its shares on June 26th 2007 and 3.55 per cent lower than its closing price of $25.92 last Friday.

“Pfizer does not endorse TRC’s unsolicited mini-tender offer and recommends that stockholders not tender their shares in response to this mini-tender offer,” the company warns.

“Pfizer is not in any way associated with TRC, this mini-tender offer or the offer documentation.”

The company also notes that mini-tender offers do not afford shareholders a comparable level of protection as larger offers, with no requirement for firms making such bids to file relevant documents with the Securities and Exchange Commission.

Pfizer advises shareholders to have dialogue with their financial advisers and to always find out the current market value of their shares, while urging caution over this offer from TRC.

Last month, Pfizer announced plans for its board of directors to meet the largest institutional shareholders in the company for discussions of matters relating to governance and executive remuneration.