Canadian dairy giantSaputo inc., Montreal., said it received a copy of an unsolicited below market "mini-tender" offer made byTRC Capital Corporation(TRC), Edmonton, Alberta, to purchase up to 3,000,000 common shares of Saputo, representing approximately 1.45 percent of the company's outstanding common shares.
Saputo says the offer price of $24.95 per share represents a 5.42 percent discount to the closing price of the common shares on the Toronto Stock Exchange, on September 23, 2009 ($26.38), the day prior to the offer.
Saputo says it "is in no way associated with TRC, its offer or the offer documentation." Shareholders who are considering tendering their shares to TRC's mini-tender offer are urged to exercise caution with respect to TRC's mini-tender offer, obtain current market prices for their common shares, consult with their investment advisors and carefully examine TRC's mini-tender offer to determine whether it is in their best interests to tender to an offer that is below the current market price.
Saputo produces, markets and distributes a wide array of products, including cheese, fluid milk, yogurt, dairy ingredients and snack cakes. The Montreal-based company is reported as the 11th largest dairy processor in the world, the largest in Canada, the third largest in Argentina, among the top three cheese producers in the United States.