American Tower Corporation Recommends Rejection of Mini-Tender Offer by TRC Capital Corporation
BOSTON--(BUSINESS WIRE)-- American Tower Corporation (AMT) has received notice of an unsolicited mini-tender offer by TRC Capital Corporation (TRC) to purchase up to 1.5 million shares of American Tower common stock, which represents approximately 0.38% of American Towers outstanding common stock, at a price of $70.00 per share.
American Tower is associated neither with TRC nor this unsolicited tender offer and recommends that stockholders not tender their shares. TRCs offer price represented a 4.15% discount to the American Tower closing share price on July 17, 2012, the day prior to the commencement of the mini-tender offer, and may be less than the current market price at any time during the offer period, or between the expiration date of the offer and the date on which TRC accepts and pays for tendered shares. In addition, TRCs offer is subject to numerous conditions, including the availability of financing on terms satisfactory to TRC. American Tower strongly urges its stockholders to obtain current market quotations for their shares, review the conditions of the offer, consult with their financial advisors and exercise caution in connection with the mini-tender offer.
According to TRCs offer documents, stockholders who have tendered their shares may withdraw them at any time prior to 12:01 a.m., New York City time on Thursday, August 16, 2012 (or if the offer is extended, the new expiration date of the offer), and unless accepted for payment pursuant to the offer, at any time after Monday, August 27, 2012.
TRC has made several mini-tender offers with other large publicly traded companies. Mini-tender offers seek less than 5% of a companys shares, thereby avoiding many disclosure and procedural requirements applicable to larger tender offers that are intended to protect investors under the U. S. securities laws. The Securities and Exchange Commission (SEC) has cautioned investors about mini-tender offers, noting that they have been increasingly used to catch investors off guard and that investors may end up selling their securities at below-market prices. The SECs Tips for Investors on mini-tender offers is available at http://www.sec.gov/investor/pubs/minitend.htm.
American Tower encourages brokers and dealers, as well as other market participants, to review the SECs letter regarding broker-dealer mini- tender offer dissemination and disclosures at http://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.
About American Tower
American Tower is a leading independent global owner, operator and developer of broadcast and wireless communications sites. American Tower currently owns and operates approximately 47,000 communications sites in the United States, Brazil, Chile, Colombia, Ghana, India, Mexico, Peru and South Africa. For more information about American Tower, please visit www.americantower.com.
American Tower Corporation
Leah Stearns, +1-617-375-7500
Director, Investor Relations
Source: American Tower CorporationCopyright Business Wire 2012