- US Home Prices Up 5th Month, 2nd Straight Quarter
- Revised GDP Reading Puts Growth at 2.8%; Inflation Tame
- FDIC Insurance Fund Falls to Negative $8.2 Billion
- US Economy Mired in 'Form of Depression': Rosenberg
- Strong Banks, Weak Credit: Treasury Rethinks TARP
- Fairfax Lawsuit Keeps Heat on Chanos, SAC's Cohen
- Weak Dollar Is Golden for Mining Companies
- How Many US Consumers Will Shop this Weekend?
- Buyers Look For Bargains At Luxury Condo Auction
- On Assignment: Europe & Asia
- The L.A. Extravaganza: A Test for Auto Shows
- 8 Stocks That Could Gain With Rising GDP
- 5 Stocks That Benefit from Health Care Legislation: Analysts
- Can Murdoch Help Bing Challenge Google and Shift the Content Equation?
- HP's Mark Hurd
- HP Comes in As Expected; Is It Time to Buy?
- 9 Stocks That Play Rising Water Costs: Strategists
- Weis' Deal Likely Won't Change Big Money Contracts
- Ga.'s Isakson: No 2nd homebuyer credit extension
- American Eagle 3Q profit rises, sales slip
- Dycom Industries posts sharp drop in 1Q profit
- Maine utility regulators dismiss solar firm's plan
- Kansas governor makes budget cuts, adjustments
- FDIC: ‘Problem’ banks highest level in 16 years
- Missouri competes for $4B in extra education money
- Utah film contest rewards with Sundance exposure
- Conn. man accused of $20 million investment fraud
Text Size 
SAN ANTONIO - Valero Energy Corp. said Thursday it has been notified of a mini-tender offer by TRC Capital Corp., and urged its shareholders not to tender their shares because the offer price is below market value.
The nation's largest independent petroleum refiner said TRC made an offer for up to 5 million shares, or less than 1 percent of the company's common stock, at a price of $16.55 per share. It said the offer price was 4.22 percent below to the closing price of Valero's stock on Nov. 10, the date of the offer.
Mini-tender offers are bids for less than 5 percent of a company's stock. According to the Securities and Exchange Commission, the offers are often made at below-market prices by firms that have not secured the funds to finance their bids. The agency says shareholders are also not always given the right to withdraw their offers.
Shares of Valero slid 27 cents to $17.18 in afternoon trading.
Print
Email
- Warren Buffett and Bill Gates discuss the economy and other subjects with CNBC's Becky Quick.
- …you'll want to be prepared. Tips for getting the most out of the post-Thanksgiving shopping frenzy.
- A new McDonald's in Manhattan is the nation's first to sport a sleek, chic interior imported from stores in London and Paris.
- One shopper explains why he gets up at 3am on the day after Thanksgiving to go shopping every year.
- A diet high in fat and sugar might actually be good for your portfolio.
- From the AIG&T to the Merrill Lychee, Jane Wells lists this year's holiday cocktails.
Data is a real-time snapshot *Data is delayed at least 15 minutes