SAN JOSE, Calif., Sept. 26, 2018 /PRNewswire/ -- Maxim Integrated Products, Inc. (NASDAQ:MXIM) received notice of an unsolicited mini-tender offer by TRC Capital Corporation (TRC Capital) for the purchase of up to 2 million shares of Maxim Integrated common stock at a price of $56.90 per share in cash, which is below the current market price.
Maxim Integrated does not endorse TRC Capital's offer and furthermore, recommends that stockholders reject the offer and not tender their shares in response because the offer is at a price below the current market price for Maxim Integrated shares and is subject to several conditions. TRC Capital's offer price is approximately 4.4 percent below the closing share price of Maxim Integrated common stock on September 21, 2018, the last trading day prior to the date the offer commenced. The offer is for less than one percent of the outstanding shares of Maxim Integrated common stock.
TRC Capital's offer states that it may terminate or amend the offer if, among other things, the market price of Maxim Integrated stock decreases or TRC Capital fails to obtain necessary financing.
Maxim Integrated is not associated with TRC Capital, its offer or the mini-tender offer documentation.
Maxim Integrated encourages investors to consult with their broker or financial adviser and exercise caution with respect to TRC Capital's offer. Maxim Integrated stockholders who have already tendered their shares may withdraw them by providing notice in the manner described in the TRC Capital offer documents prior to the expiration of the offer, which is currently scheduled at 12:01 a.m., New York City time, on Tuesday, October 23, 2018.
TRC Capital has made many similar below-market mini-tender offers for shares of other public companies. Like its prior offers, this mini-tender offer presents risks to investors who may not realize they would be selling their shares at a discount to the current market price. The U.S. Securities and Exchange Commission (SEC), which has cautioned investors about these mini-tender offers, offers tips for investors regarding mini-tender offers at http://www.sec.gov/investor/pubs/minitend.htm.
Maxim Integrated requests that a copy of this news release be included with all distributions of materials relating to TRC Capital's mini-tender offer for shares of Maxim Integrated common stock.
About Maxim Integrated Maxim Integrated develops innovative analog and mixed-signal products and technologies to make systems smaller and smarter, with enhanced security and increased energy efficiency. We are empowering design innovation for our automotive, industrial, healthcare, mobile consumer, and cloud data center customers to deliver industry-leading solutions that help change the world. Learn more at http://www.maximintegrated.com/.