ABBOTT
PARK, Ill., April 26,
2022 /PRNewswire/ -- Abbott (NYSE: ABT) received
notice of an unsolicited mini-tender offer by TRC Capital
Investment Corporation (TRC) to purchase up to 1,000,000 Abbott
common shares, representing approximately 0.06% of the company's
outstanding shares. TRC's offer price of $112.38 per share in cash is approximately 4.5%
lower than the $117.69 closing price
of Abbott common shares on April 14,
2022, the last closing price prior to commencement of
the offer.
Abbott does not recommend or endorse TRC's
unsolicited below-market mini-tender offer and recommends that
shareholders not tender their shares because the offer is at a
price significantly below the current market price of Abbott common
shares. Abbott is not affiliated or associated in any way
with TRC, its mini-tender offer or the mini-tender offer
documentation.
Abbott urges shareholders to obtain current market
quotations for their shares, to consult with their broker or
financial advisor, and to exercise caution with respect to TRC's
mini-tender offer. Abbott recommends that shareholders who have not
responded to TRC's offer take no action. Abbott also recommends
that shareholders who have already tendered their shares withdraw
those shares in accordance with TRC's offering documents prior to
the expiration of the offer. The offer is currently scheduled
to expire at 12:01 a.m. New York City time on Tuesday, May 17, 2022, unless the offer is
extended or earlier terminated.
TRC has made similar below-market mini-tender offers for other
companies' shares. Mini-tender offers are devised to seek less than
5% of a company's stock, thereby avoiding many filing, disclosure
and procedural requirements of the U.S. Securities and Exchange
Commission (SEC).
The SEC has cautioned investors that some bidders making
mini-tender offers at below-market prices are "hoping that they
will catch investors off guard if the investors do not compare the
offer price to the current market price." The SEC's guidance to
investors on mini-tender offers is available at
http://www.sec.gov/investor/pubs/minitend.htm.
Abbott encourages brokers and dealers, as well as other
market participants, to review the SEC's letter regarding
broker-dealer mini-tender offer dissemination and disclosure at
https://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.
Abbott requests that a copy of this press release be
included with all distributions of materials relating to TRC's
mini-tender offer related to Abbott common shares.
About Abbott
Abbott is a global healthcare leader that
helps people live more fully at all stages of life. Our portfolio
of life-changing technologies spans the spectrum of healthcare,
with leading businesses and products in diagnostics, medical
devices, nutritionals and branded generic medicines. Our 113,000
colleagues serve people in more than 160 countries.
Connect with us at www.abbott.com, on LinkedIn
at www.linkedin.com/company/abbott-/, on Facebook
at www.facebook.com/Abbott and on Twitter
@AbbottNews.
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SOURCE Abbott