WASHINGTON (dpa-AFX) - Principal Financial Group (PFG) has received an unsolicited mini-tender offer from Potemkin Limited to acquire up to 100,000 shares, roughly 0.0004% of its outstanding common stock, at $51.70 per share, about 34.91% below PFG's June 30 closing price of $79.43.
Principal strongly advises shareholders against accepting the offer, highlighting that it is significantly undervalued and not in their best interest.
The company emphasized it is not affiliated with Potemkin or its offer, which, like other mini-tenders, avoids SEC disclosure requirements by targeting less than 5% of outstanding shares. This limited transparency offers fewer protections to investors. The SEC has warned that such below-market offers often aim to exploit uninformed investors.
Principal urges shareholders to seek current market quotes, consult financial advisors, and exercise caution. Those who have already tendered shares may withdraw within 14 days of submitting their form. Principal also encourages brokers and dealers to review SEC and FINRA guidance on handling mini-tenders.
Thursday, PFG closed at $80.97, up 1.44%, and is currently trading after hours at $78.12, down 3.52% on the NasdaqGS.
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