GE Vernova Inc. (NYSE:GEV) today announced that it received notice of an unsolicited "mini-tender" offer by TRC Capital Investment Corporation (TRC Capital) to purchase up to 1,000,000 shares of GE Vernova common stock, which represents approximately 0.4% of the shares outstanding, at a price of $155.00 per share in cash. TRC Capital's offer price is 7.39% less than the $167.36 closing price per share of GE Vernova's common stock on May 7, 2024, the last trading day before the mini-tender offer appears to have commenced.
GE Vernova does not endorse TRC Capital's unsolicited mini-tender offer and recommends that GE Vernova shareholders not tender their shares in the offer because the offer is at a price below the current market price for GE Vernova's shares. TRC Capital has included in the terms of its offer a condition that the closing price of GE Vernova's shares must not decrease by more than 5%. As a result, unless TRC Capital decides to waive this condition, GE Vernova shareholders who tender their shares in the offer would receive a below-market price for GE Vernova's shares through the tender offer. The offer is also subject to a number of other conditions.