- Kinder Morgan (NYSE:KMI +2.5%) urges shareholders to reject an unsolicited offer from TRC Capital to purchase up to 4M shares of KMI's Class P common stock, saying the offer was 4.5% below the closing price when it was made on Nov. 11.
- TRC Capital recently launched similar mini-tender offers for PayPal, Yahoo and AT&T shares, among others, and each company’s management has asked that shareholders reject the offer.
- Such mini-tender offers can drive the stock lower, as happened with KMI: Shares closed at $23.35 on Friday after dropping as low as $22.57, a new 52-week low, before moving back up today.