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DALLAS (AFX) - Idearc Inc., a publisher of print and electronic directory information, said Friday it received an unsolicited "mini-tender" offer for about 2 percent of its common stock from TRC Capital Corp., a private Canadian investment company.
The offer is for 3 million shares at $26.25 per share.
Idearc said it does not recommend or endorse the offer. The price represents a 3 percent discount to the $27.20 closing price of Idearc's shares on Dec. 11, the day before the offer.
Mini-tender offers are third-party offers to buy less than 5 percent of a company's outstanding shares, avoiding many filing, disclosure and procedural requirements of the U.S. Securities and Exchange Commission.
Idearc shares rose 31 cents to $27.56 on the New York Stock Exchange. Copyright 2006 Associated Press. All rights reserved. This material may not be
Copyright 2006 AFX News Limited. All Rights Reserved.