EWING, N.J.--(BUSINESS WIRE)--May 23, 2018--
Church & Dwight Co., Inc. (NYSE:CHD) received notice of an unsolicited
“mini-tender” offer by TRC Capital Corporation to purchase up to 2
million shares of Church & Dwight common stock. The offer price of
$44.05 per share is 4.49 percent below the closing price of Church &
Dwight’s common stock on May 18, 2018, the last trading day before the
commencement of TRC Capital’s offer.
Church & Dwight is in no way associated with TRC Capital or its
mini-tender offer and recommends that shareholders reject this
unsolicited offer because TRC Capital’s offer price is below the current
market price for Church & Dwight’s common stock. Shareholders who may
already have tendered their shares may withdraw them by providing, prior
to the expiration of the offer, the written notice described in the TRC
offering documents. The offer is set to expire at 12:01 a.m. Eastern
time on Monday, June 20, 2018, but TRC may extend this at its discretion.
Mini-tender offers seek less than 5 percent of a company’s outstanding
shares, which enables the offering company to avoid many disclosure and
procedural requirements of the U.S. Securities and Exchange Commission
(SEC) for tender offers.
On its website, the SEC has issued an alert regarding mini-tender
offers. This alert advises that mini-tender offers “have been
increasingly used to catch investors off guard” and that investors “may
end up selling their securities at below- market prices.” The SEC’s
guidance to investors is available at https://www.sec.gov/reportspubs/investor-publications/investorpubsminitendhtm.html.
Church & Dwight also encourages brokers and dealers, as well as other
market participants, to review the SEC’s letter regarding broker-dealer
mini-tender offer dissemination at https://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.
TRC has a history of undertaking mini-tender offers. Like its prior
offers, this mini-tender offer presents a risk to individual investors,
who may not realize they would be selling their shares at a discount to
the current market price. Church & Dwight urges investors to get current
stock quotes for their shares of Church & Dwight common stock, consult
their financial advisors and exercise caution with respect to TRC’s
Church & Dwight requests that a copy of this news release be included
with all distributions of materials related to TRC’s offer for shares of
Church & Dwight common stock.
About Church & Dwight
Church & Dwight Co., Inc. manufactures and markets a wide range of
personal care, household and specialty products under the ARM & HAMMER
brand name and other well-known trademarks.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180523006269/en/
Source: Church & Dwight Co., Inc.
Church & Dwight Co., Inc.
Rick Dierker, 609-806-1200