Unocal urges stockholders to reject mini-tender by TRC Capital

Unocal Corp. has urged its stockholders to reject an unsolicited, below-market mini-tender offer for up to 7.5 million shares by TRC Capital Corp.

Nov. 19, 2001

By the OGJ Online Staff

HOUSTON, Nov. 19 -- Unocal Corp. has urged its stockholders to reject an unsolicited, below-market mini-tender offer for up to 7.5 million shares by the Canadian firm TRC Capital Corp.

Unocal said the offer, which it received Nov. 15, was for $30.35/share in cash. The offer was for about 3% of Unocal's outstanding stock.

Unocal said the offer was nearly 4% below its closing price on Nov. 16.

It said stockholders also should reject the offer because "TRC offers no assurances that it will have the financial resources to complete the mini-tender offer and can withdraw its offer at any time."

Unocal said TRC has made numerous mini-tender offers for other companies' shares.