
The Estée Lauder Companies Inc. (NYSE: EL) has been informed that TRC Capital Investment Corporation (“TRC”) has initiated an unsolicited mini-tender offer to purchase up to 1,500,000 shares of the Company’s Class A common stock, representing approximately 0.64% of the outstanding shares, at a price of $83.65 per share in cash.
The Company strongly advises shareholders not to tender their shares in response to TRC’s offer, as the price is below the current market value of Class A common stock and the offer is subject to numerous conditions. The Company is not affiliated with TRC or its tender offer.
Mini-tender offers typically seek less than 5% of a company’s outstanding shares, allowing the offerors to bypass many of the U.S. Securities and Exchange Commission (SEC) disclosure and procedural safeguards designed to protect investors. The SEC has previously cautioned that mini-tender offers may be priced below market value in the hope that investors will not compare the offer price to the current market price, potentially resulting in the sale of shares at unfavorable prices. For more information, the SEC’s guidance on mini-tender offers can be found here.
Shareholders are urged to consult their financial advisors, obtain current market quotations, and exercise caution before responding to TRC’s offer. Shareholders who have already tendered their shares can withdraw them before the offer expires on October 9, 2024, by following the instructions provided in TRC’s documents.
Dealers and market participants are encouraged to review the SEC’s letter regarding the dissemination of mini-tender offers here.
The Company requests that a copy of this announcement be included in any distribution materials related to TRC’s offer.
About The Estée Lauder Companies
The Estée Lauder Companies Inc. is a global leader in the manufacturing, marketing, and sales of high-quality skincare, makeup, fragrance, and hair care products. Operating in approximately 150 countries, the Company owns a portfolio of prestigious brands, including Estée Lauder, Clinique, M•A•C, La Mer, Bobbi Brown, Jo Malone London, TOM FORD, Le Labo, Aveda, and many others.
For more information, visit The Estée Lauder Companies.