HARTFORD (dpa-AFX) - Diversified manufacturer United Technologies Corp. (UTX) said Friday that it has received notice of an unsolicited mini-tender offer by TRC Capital Corp. to buy up to 1 million shares, or about 0.11%, of the company's outstanding common stock at a price of $108.85 per share in cash.
The offering price is about 4.55% below United's closing price on December 11, the last trading day before the mini-tender offer was commenced.
United urged its shareholders to reject the unsolicited offer because the offer price is below the current market price for the company shares. The offer also is subject to numerous conditions, including TRC Capital obtaining sufficient financing necessary to consummate the offer.
The offer is currently scheduled for 12:01 a.m., Eastern Time, on January 13, 2015.
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