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Aug. 7, 2012 /PRNewswire/ -- The Sherwin-Williams Company (NYSE: SHW) has received notification of an unsolicited mini-tender offer by TRC Capital Corporation (TRC) to purchase up to 1,000,000 shares, or approximately 0.97 percent, of Sherwin-Williams' outstanding common stock at a price of
$129.50 per share. The offer price was 4.39% below the closing price on
July 30, 2012, the day before the offer commenced.
Sherwin-Williams does not endorse TRC's offer and recommends that shareholders do not tender their shares. TRC's offer is a mini-tender offer at a price below the current market price for Sherwin-Williams shares and is subject to numerous conditions. Sherwin-Williams strongly recommends that shareholders obtain current market quotes for their shares, review the conditions to the offer, consult with their financial advisor and exercise caution with respect to TRC's offer. Sherwin-Williams is not associated in any way with TRC, this unsolicited offer or the documents related to this offer.
According to TRC's current offer documents, shareholders who have already tendered their shares may withdraw their shares at any time prior to the expiration of the offer, which is currently scheduled for
New York City time, on
Wednesday, August 29, 2012, by following the procedures described in the offer documents.
TRC has made similar mini-tender offers for shares of other large publicly-traded companies. The Securities and Exchange Commission (SEC) has cautioned investors about mini-tender offers, noting that "some bidders make mini-tender offers at below-market prices, hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price." Sherwin-Williams encourages shareholders to review the SEC's Investor Tips regarding mini-tender offers, which may be found on the SEC's website at