Caterpillar announced the company is recommending investors reject an unsolicited “mini-tender” offer, made by private Canadian investment firm TRC Capital. The offer is to purchase up to 1,750,000 shares of Caterpillar’s common stock, or 0.27 percent of the outstanding common stock.
Caterpillar says the offer, made on December 26, 2006, is for a price of $58.25 per share, more than 5 percent lower than the $61.33 per share closing price on December 29, 2006.
