Amgen advises shareholders to reject 'mini-tender offer'
22 May 2007 00:00 in Pharmaceutical Company Restructures
Amgen has advised its shareholders to reject a mini-tender offer from TRC Capital (TRC) to purchase up to 1,500,000 outstanding shares in the company - equal to 0.13 per cent of the firm.
TRC has offered shareholders a price of $53.75 (27.25 pounds) for each outstanding Amgen share.
Amgen reports that it has not offered its endorsement to this mini-tender offer and advises shareholders to not sell their shares to TRC in response to this bid. It has stressed that the company is not connected in any manner to the mini-tender offer or TRC.
It has advised investors to ascertain the value of their shares through current market quotes, to speak with their financial advisors and to be wary regarding the offer from TRC.
"Mini-tender offers, such as this one by TRC, are offers to acquire less than five per cent of a company's outstanding shares and thereby avoid many procedural and disclosure requirements of the federal securities laws that protect investors," Amgen states.
It notes that requirements being bypassed include the filing of relevant documents with the US Securities and Exchange Commission.
In April 2007, Amgen reported its financial figures for the first quarter of 2007, recording a 15 per cent rise in revenues compared to the same period in 2006 to $3.7 billion (1.85 billion pounds).
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Story collated for Zenopa by the Adfero News Agency