Forest gets unsolicited mini-tender offer

US drugmaker Forest Laboratories says that it has been notified of an unsolicited mini-tender offer by TRC Capital Corporation of Toronto, Canada, a private investment company. Forest Laboratories has received a copy of the offer to purchase up to three million outstanding shares of the company's common stock, which represents less than 1% of its outstanding shares. The offer price of $20.35 per share represents a 4.0% discount to their $21.20 closing price December 1, the day before the date of the offer.

Based on the terms of the offer, Forest recommends that stockholders not tender their shares in response. Mini-tender offers are third party moves which seek to acquire less than 5% of a company's outstanding shares and so are not subject to many procedural protections and disclosure and dissemination requirements of the Securities and Exchange Commission that would otherwise apply.