Raytheon (NYSE: RTN) released the following financial message:
“[The firm] has received notice of an unsolicited ‘mini-tender offer’ by TRC Capital Corporation to purchase from Raytheon Company shareholders up to two million shares of Raytheon Company common stock, representing approximately 0.5 percent of Raytheon’s outstanding shares, at a price of $43.00 per share in cash. TRC Capital’s offer price represents approximately a 4.4 percent discount to the $44.96 closing price of Raytheon’s shares on December 20, 2010, the day prior to the date the offer commenced.
“This mini-tender offer is not in any way related to, and will have no impact on, Raytheon’s proposed acquisition of Applied Signal Technology, Inc.
“Raytheon does not endorse TRC Capital’s offer and recommends that Raytheon shareholders do not tender their shares in response to the offer because it is a mini-tender offer at a price below the current market price for Raytheon’s shares and subject to numerous conditions. Raytheon urges shareholders to obtain current market quotations for their shares, review the conditions to the offer, consult with their broker or financial adviser, and exercise caution with respect to TRC Capital’s offer. Raytheon is not affiliated or associated in any way with TRC Capital, its mini-tender offer or the offer documentation.”
