August 27, 2012
Waste Management Inc. is recommending that its shareholders reject a “mini-tender offer” by TRC Capital Corp. to buy up to 3 million shares of company stock.
The Houston-based Waste Management said in a news release that Toronto-based TRC Capital was offering to buy up to 0.65 percent of outstanding common stock at $33 a share. That offer is 4.62 percent below Waste Management’s closing share price Aug. 20, the day prior to the offer, the waste and recycling company said.
“Waste Management does not endorse the offer and recommends against stockholders tendering their shares in response to this offer,” the firm said.