Dominion Energy Asks Shareholders To Reject Unsolicited Offer By TRC Capital

(RTTNews) - Dominion Energy, Inc. (D), an electric utility company, Monday said it has received an unsolicited mini tender offer from TRC Capital Investment Corp to buy up to 2 million Dominion shares at $44 per share in cash.

The utility company said it does not endorse the mini tender offer and recommended the shareholders to not tender their shares.

The company believes that this offer is undervalued as the offer price is around 4.47 percent below the closing price of Dominion Energy's common stock on September 26.

"Mini-tender offers seek less than 5 percent of a company's outstanding shares, thereby avoiding many disclosure and procedural requirements that apply to offers for more than 5 percent of a company's outstanding shares. As a result, mini-tender offers do not provide investors with the same level of protections as provided by larger tender offers under U.S. securities laws," the company said in a statement.

In pre-market activity, shares of Dominion Energy are trading at $44.86 up 0.43% on the New York Stock Exchange.