Kinder Morgan Inc. (KMI) received notice of an unsolicited “mini-tender” offer by TRC Capital Corp. to purchase up to 4 million of KMI’s Class P common shares priced at $23.30 each, the company said Nov. 16. KMI recommended that shareholders not tender their shares, and said it does not endorse the offer.
The offering price is 4.51% below the shares’ closing price on Nov. 11, the last trading day before the offer was made. The offer is for about 0.18% of the outstanding Class P shares, the company added.
Mini-tender offers are not subject to many investor protections given to larger tender offers, including the filing of disclosure and other tender offer documents with the Securities and Exchange Commission and other procedures.
Houston-based Kinder Morgan Inc. is North America’s largest energy infrastructure company.
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