ABBOTT PARK, Ill., Jan. 6 /PRNewswire-FirstCall/ -- Abbott has been notified of an unsolicited mini-tender offer by TRC Capital Corporation to purchase up to 2.5 million shares of Abbott common stock, representing approximately 0.16 percent of the company's outstanding shares. TRC Capital's offer price of $38.60 was 4.38 percent below Abbott's closing share price of $40.37 on Dec. 21, 2005, the day before the offer commenced. The offer price is also 5.6 percent below the closing share price of $40.89 on Jan. 6, 2006.
Abbott does not recommend or endorse TRC Capital's below-market mini- tender offer and urges its shareholders to obtain current market quotations for their shares of common stock, consult with their broker or financial advisor and exercise caution with respect to TRC Capital's offer. Abbott is not in any way affiliated with TRC Capital, the offer or the offer documentation.
TRC Capital has made similar below-market mini-tender offers for other companies' shares. Mini-tender offers are devised to seek less than 5 percent of a company's stock, thereby avoiding many filing, disclosure and procedural requirements of the U.S. Securities and Exchange Commission (SEC).
Abbott recommends that its shareholders review the SEC's "Tips for Investors" regarding mini-tender offers. The SEC has cautioned investors regarding mini-tenders, stating 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." Additional information can be found at http://www.sec.gov/investor/pubs/minitend.htm.
Abbott is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals and medical products, including nutritionals, devices and diagnostics. The company employs 60,000 people and markets its products in more than 130 countries.
Abbott's news releases and other information are available on the company's Web site at http://www.abbott.com/.
