DALLAS, July 25 /PRNewswire-FirstCall/ -- Texas Instruments Incorporated (TI) said today it has been notified of an unsolicited "mini-tender offer" by TRC Capital Corporation to purchase up to 3,000,000 shares of TI's common stock, representing approximately 0.23 percent of TI's outstanding shares. TRC Capital's offer price of $24.00 represents a 4.08 percent discount to the closing price of TI's stock on July 23, 2008 ($25.02), the day prior to the date of the offer.
TI does not recommend or endorse TRC Capital's unsolicited mini-tender offer. Mini-tender offers such as this one avoid many of the investor protections afforded for larger tender offers, including the filing of disclosure and other tender offer documents with the Securities & Exchange Commission (SEC) and other procedures required by United States securities laws. TI is not associated with TRC Capital Corporation, its mini-tender offer or the offer documentation. TI strongly urges investors to obtain current market quotations for their shares of TI common stock, to consult with their financial advisors and to exercise caution with respect to TRC Capital's offer.
TRC has initiated mini-tender offers for the stock of a number of different companies. The SEC has issued an investor alert regarding these mini-tender offers, noting that in making the offers at below-market prices, bidders 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 advisory may be found on the SEC's website at http://www.sec.gov/investor/pubs/minitend.htm.
Texas Instruments helps customers solve problems and develop new electronics that make the world smarter, healthier, safer, greener and more fun. A global semiconductor company, TI innovates through manufacturing, design and sales operations in more than 25 countries. For more information, go to http://www.ti.com/.
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