Research in Motion Limited (RIM) recently received an offer from TRC Capital Corporation to purchase up to 0.5% of the outstanding common shares of RIM. This unsolicited “mini-tender” offer made on November 2 outlined TRC’s proposal to purchase up to 1,000,000 of RIM’s common shares at a price of $69CAD per share, a nearly 3% discount from the $71.05 closing price on the Toronto Stock Exchange (TSX) on November 1, 2005.
RIM, best known for its Blackberry wireless platform, has announced that it does not recommend nor endorse this unsolicited offer, and that they are in no way affiliated with TRC Capital. RIM previously announced its plans to repurchase some of its common shares on the Nasdaq National Market, but the company assures its shareholders that this offer from TRC Capital is not related.
For more on mini-tender offers, including investor tips, check the United States Securities and Exchange Commission at http://www.sec.gov/investor/pubs/minitend.htm.