Netflix (NFLX) said it as been notified of an “unsolicited” mini-tender offer by TRC Capital Investment to purchase up to 1.25M shares of Netflix common stock at a price of $91.00 per share in cash. The offer is for less than 0.03% of the shares of Netflix common stock outstanding. Netflix recommends that shareholders reject TRC’s unsolicited offer. “TRC’s offer price is below the current market price for shares of Netflix common stock. The offer also is subject to numerous conditions. Netflix is not affiliated or associated in any way with TRC, its mini-tender offer or the offer documentation. Mini-tender offers are designed to seek less than 5 percent of a company’s outstanding shares, thereby avoiding many investor protections applicable to larger tender offers under U.S. securities laws,” the company said in a statement. Netflix “urges investors to obtain current market quotations for their shares, consult with their broker or financial advisor and exercise caution with respect to TRC’s offer.”
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