Synchrony advises shareholders to reject TRC Capital Corporation’s “mini-tender” offer
STAMFORD, Connecticut., Aug. 27, 2021 / PRNewswire / – Synchrony Financial (NYSE: SYF) today announced that it has received notice of an unsolicited “mini-bid” from TRC Capital Corporation (TRC) to buy up to 2.5 million ordinary shares of Synchrony shares at a price of $ 47.00 per share in cash. The offering price is 4.47% below the closing price per share of Synchrony’s common stock on August 20, 2021, the last trading day preceding the start of the offer. The offer is for approximately 0.44% of the outstanding common shares of Synchrony.
Synchrony does not approve TRC Capital‘s unsolicited mini-takeover bid and advises shareholders not to tender their shares. Synchrony is not associated with TRC Capital, its mini-tender or the documentation of the mini-tender.
Mini-take-over bids are exempt from most of the investor protections afforded to larger take-over bids, including the filing of disclosure documents and other take-over documents. with the Securities and Exchange Commission (SEC) and other proceedings mandated by U.S. securities laws.
The SEC warned investors that some bidders doing mini-bids at below market prices “hope they will catch investors off guard if they don’t compare the bid price to the current market price.” “. SEC advice to investors on mini-tender offers is available at http://www.sec.gov/investor/pubs/minitend.htm. TRC Capital has made numerous similar unsolicited mini-takeover bids for shares of other public companies.
Shareholders should obtain current market quotes for their shares, consult their broker or financial advisor, and exercise caution regarding TRC Capital’s mini-takeover bid. Synchrony recommends that shareholders who have not responded to TRC Capital’s offer do nothing. Shareholders who have already tendered their shares can withdraw them at any time before 12:01 am, New York City It’s time September 22, 2021, in accordance with TRC’s offering documents.
Synchrony encourages brokers and traders, as well as other market participants, to review the SEC letter regarding the dissemination and disclosure of broker-dealer mini-take-over bids at http://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.
Synchrony requests that a copy of this press release be attached to all distributions of documents relating to TRC Capital’s mini-takeover bid for Synchrony common stock.
Synchrony (NYSE: SYF) is a leading consumer financial services company. We offer a wide range of specialized financing programs, as well as innovative banking products for consumers, in key industries such as digital, retail, home, automotive, travel, health and animals. of company. Synchrony allows our partners to increase their sales and retain consumers. We are one of the largest private label credit card issuers in United States; we also offer co-branded products, installment loans and consumer finance products for small and medium-sized businesses, as well as healthcare providers.
Synchrony is changing what’s possible with our digital capabilities, deep industry expertise, actionable data insights, seamless customer experience, and personalized financing solutions.
For more information visit www.synchrony.com and Twitter: @Synchrony.
SOURCE Synchrony Financial