FARMINGTON, Conn., Jan. 11, 2021 /PRNewswire/ -- Otis Worldwide
Corporation (NYSE: OTIS) received notice of an unsolicited
mini-tender offer by TRC Capital Investment Corporation ("TRC
Capital") to purchase up to 2 million shares, or about 0.46
percent, of Otis's outstanding common stock at a price of
$62.75 per share in cash. As TRC
Capital's own offer document acknowledges, the offering price is
approximately 4.62 percent below the closing price
per share of Otis on Dec. 24, 2020,
the last trading day before the mini-tender offer was commenced.
Otis recommends that shareholders reject this unsolicited offer
because the offer price is below the current market price for Otis
shares. The offer also is subject to numerous conditions, including
TRC Capital obtaining sufficient financing necessary to consummate
the offer. Otis also recommends that any shareholders who have
tendered shares to TRC Capital withdraw those shares by providing
the written notice described in the offering documentation before
the expiration of the offer, which is currently scheduled for
12:01 a.m., New York City Time, on
Jan. 27, 2021.
Otis is not associated with TRC Capital, its mini-tender offer
or the mini-tender offer documentation.
TRC Capital has made similar unsolicited mini-tender offers for
shares of other public companies. Mini-tender offers are designed
to seek less than 5 percent of a company's outstanding shares,
thereby avoiding many investor protections, including the
disclosure and procedural requirements, applicable to larger tender
offers under United States
securities laws. The U.S. Securities and Exchange Commission (SEC)
has cautioned investors about mini-tender offers, noting that "some
bidders make mini-tender offers at below-market prices, hoping that
they will catch investors off guard if the investors do not compare
the offer price to the current market price." The SEC has also
published investor tips regarding these offers on its website at:
http://www.sec.gov/investor/pubs/minitend.htm.
Otis encourages brokers and dealers, as well as other market
participants, to review the SEC's letter regarding broker-dealer
mini-tender offer dissemination and disclosures on the SEC's
website at:
http://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.
Otis urges investors to obtain current market quotations for
their shares, consult with their brokers or financial advisors and
exercise caution with respect to TRC Capital's offer.
Otis requests that a copy of this news release be included with
all distributions of materials relating to TRC Capital's
mini-tender offer related to Otis's shares of common stock.
About Otis
Otis is the world's leading elevator and escalator
manufacturing, installation and service company. We move 2 billion
people a day and maintain more than 2 million customer units
worldwide, the industry's largest Service portfolio. Headquartered
in Connecticut, USA, Otis is
69,000 people strong, including 40,000 field professionals, all
committed to meeting the diverse needs of our customers and
passengers in more than 200 countries and territories worldwide.
For more information, visit www.otis.com and follow us on LinkedIn,
Instagram, Facebook and Twitter @OtisElevatorCo.
Media
Contact:
|
Ray
Hernandez
|
|
+1-860-674-3029
|
|
Ray.Hernandez@otis.com
|
|
|
IR
Contact:
|
Stacy
Laszewski
|
|
+1-860-676-6011
|
|
investorrelations@otis.com
|
View original
content:http://www.prnewswire.com/news-releases/otis-recommends-shareholders-reject-trc-capital-mini-tender-offer-301205578.html
SOURCE Otis Worldwide Corporation