PMI Urges Shareholders to Reject Mini Offer

Source from:  allafrica.com BuaNews (Tshwane) 5 May 2008 05/07/2008

Philip Morris International on Friday recommended rejection of a 'mini-tender offer' by TRC Capital Corp. In a press note posted on its website, PMI said that it had been notified of an unsolicited 'mini-tender offer' by TRC Capital to purchase up to 2.0 million shares, or about 0.09 per cent, of PMI's outstanding common stock. 'TRC Capital's offer price of $49.25 per share is 3.56 per cent below PMI's closing share price of $51.07 on April 28, 2008, the day prior to the date of the offer,' PMI said. 'PMI recommends that stockholders not tender their shares in response to TRC Capital's unsolicited mini-tender offer. PMI is in no way associated with TRC Capital Corporation, its mini-tender offer or the offer documentation… 'PMI strongly urges investors to obtain current market quotations for their shares of common stock, to consult with their financial advisors and to exercise caution with respect to TRC Capital's offer. As the offer is currently structured, stockholders who may already have tendered their shares may withdraw them by providing the written notice described in the TRC Capital offering documents prior to the expiration of the offer currently scheduled for 12:01 a.m. New York City Time on Thursday, May 29, 2008.' Enditem