PSEG urges shareholders reject ‘mini-tender’ offer by TRC Capital

Public Service Enterprise Group announced that it has received notice of an unsolicited mini-tender offer by TRC Capital Investment Corporation of Ontario, Canada, to purchase up to 1.5M shares of PSEG (PEG) common stock at a price of $80.60 per share. TRC Capital Investment’s offer price of $80.60 per share is approximately 4.51% lower than the $84.41 closing share price of PSEG’s common stock on July 21, the last trading day prior to the date of the offer, and approximately 9.4% lower than the $88.97 closing share price on August 1. The offer is for approximately 0.3% of the shares of PSEG common stock outstanding as of the offer date. PSEG is not associated in any way with TRC Capital Investment or its unsolicited mini-tender offer. PSEG recommends that shareholders do not tender their shares in response to TRC Capital Investment’s offer because the offer is at a price below the market price for PSEG’s shares as of the date of the offer and as of August 1, and subject to numerous conditions. Shareholders who have already tendered their shares may withdraw them at any time prior to the expiration of the offer, in accordance with the terms of TRC Capital Investment’s offer. The offer is currently scheduled to expire at 12:00 a.m. Eastern Time on August 20. TRC Capital Investment may extend the offering period at its discretion.