Express Scripts Rejects ‘Mini-Tender’ Offer

Express Scripts Holding Co. is recommending its shareholders reject an unsolicited mini-tender offer from TRC Capital Corp. to purchase up to 2 million shares of the company’s stock.  The offer on the stock is $55.75 per share, 2.7 percent below the April 8 closing price of $57.27.

Express Scripts officials said in a statement that the company does not endorse TRC’s offer, which is for 0.24 percent of Express Script’s outstanding stock.  A mini-tender offer is designed to acquire less than 5 percent of a company’s outstanding stock, to avoid many disclosure and procedural requirements of the Securities and Exchange Commission.  Barring an extension, TRC’s offer is set to expire on May 2.

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