Pitney Bowes Urges Stockholders To Reject TRC Mini-Tender Offer

(RTTNews) - Pitney Bowes Inc (NYSE) on Monday said it has been notified of an unsolicited "mini-tender" offer by TRC Capital Corp to purchase up to 4 million shares, or about 2 percent, of its outstanding common stock at $22.15 per share in cash.

TRC's offer price is about 4.73 percent less than the $23.25 closing price of Pitney Bowes stock on March 19, the day before the mini-tender offer commenced.

Pitney Bowes said it does not endorse TRC's mini-tender offer and recommends that its stockholders reject it because it is a mini-tender offer at a price below the market price for Pitney Bowes shares and is subject to numerous conditions.

TRC has made imilar mini-tender offers for shares of other companies. Mini-tender offers are designed to seek to acquire less than 5 percent of a company's outstanding shares, thereby avoiding many disclosure and procedural requirements of the Securities and Exchange Commission.

As a result, mini-tender offers do not provide investors with the same level of protections as provided by larger tender offers.

Pitney Bowes, based in Stamford, Connecticut, is a technology company offering products and solutions that enable commerce in the areas of customer information management, location intelligence, customer engagement, shipping and mailing, and ecommerce.