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BP PLC - London-based oil major - Tells holders of its American depositary shares that they should reject an offer for their shares from TRC Capital Corp, citing a below-market offer price and ‘disadvantageous’ terms. BP says it is ‘in no way associated with TRC’ and the mini-tender offer is unrelated to its own share buyback programme. TRC is offering to buy 4.0 million ADSs of BP at $27.95 per ADS, according to BP, saying the offer was launched back on November 19 but it was only informed this week. The price offered by TRC represented a 5.0% discount to the ADS price the day before of $29.42. They closed on Tuesday in New York at $30.10. Each ADS represents six BP shares, so 4.0 million ADSs would represent 24.0 million shares, a 0.1% stake.
Current stock price in London: 395.05 pence
12-month change: down 15%
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