Weatherford Urges Shareholders To Reject TRC Capital's Mini-Tender Offer

(RTTNews) - Weatherford International plc (WFT), the Swiss provider of equipment for the oil and gas industry, said Friday it received notification of an unsolicited mini-tender offer by TRC Capital Corp to purchase up to 5 million of the outstanding ordinary shares of Weatherford at $21.15 per share.

According to the company, TRC Capital's offer is about 4.3% below Weatherford's closing price of $22.10 on August 18, the day before the offer commenced. Weatherford said it does not endorse the mini-tender offer and recommends that shareholders reject it.

TRC Capital's mini-tender offer represents about 0.65 percent of the total outstanding shares of Weatherford.

Mini-tenders are third-party offers that seek to buy less than five percent of a company's outstanding shares, thereby avoiding disclosure and procedural requirements of the U.S. 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 under United States securities laws, Weatherford said.