Crown Holdings (CCK) Recommends Against Mini-Tender From TRC Capital
Crown Holdings, Inc. (NYSE: CCK) has been notified of an unsolicited "mini-tender" offer by TRC Capital Corporation, a private Canadian investment company, to purchase up to three million shares of Crown's common stock, which represents about 1.9% of Crown's outstanding common stock. Crown noted that TRC's unsolicited offer of $21.50 per share was approximately 4.75% below the $22.57 closing price of Crown stock on June 24, 2009, the day before the offer was commenced. Crown also noted that the offer is subject to numerous conditions, including receipt of financing by TRC and there being no decrease in the market price of Crown common stock.
Crown noted that it does not in any way endorse the TRC Capital Corporation offer and is in no way associated with TRC Capital Corporation, the offer or the offer documentation. Crown strongly recommends against tendering shares in response to this unsolicited offer.
Crown Holdings, Inc. is engaged in the design, manufacture and sale of packaging products for consumer goods. [SM]
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