ATI Responds To 'Mini-Tender' Offer
Spinner
Birmingham, UK
ATI announced today that it had received notification that on August 17, 2005, TRC Capital Corporation commenced an unsolicited, below-market "mini-tender" offer to purchase up to 3,000,000 common shares of ATI, or approximately 1.19% per cent of ATI's outstanding common shares, at a price of CDN$13.65 per common share.
"Mini-tender" offers seek less than 5 per cent of a company's shares, thereby avoiding many disclosure and procedure requirements of the Securities and Exchange Commission ("SEC") and the Canadian Securities Administrators. Regulators in both Canada and the United States have expressed concerns with "mini-tender" offers.
"Mini-tender" offers seek less than 5 per cent of a company's shares, thereby avoiding many disclosure and procedure requirements of the Securities and Exchange Commission ("SEC") and the Canadian Securities Administrators. Regulators in both Canada and the United States have expressed concerns with "mini-tender" offers.
Source: Rage3DATI wishes to inform its common shareholders that it does not in any way recommend or endorse the TRC Capital Corporation offer and that ATI is in no way associated with TRC Capital Corporation, the offer or the offer documentation. ATI expresses no opinion regarding this offer.
ATI cautions its common shareholders that the offer is being made at a 3.87% discount to the closing price of CDN$14.20 per common share on the Toronto Stock Exchange (the "TSX") and US$11.80 on the NASDAQ National Market (the "NASDAQ") on August 16, 2005, the last trading day before the offer commenced, and is below yesterday's closing price of CDN$14.43 on the TSX and US$11.86 on the NASDAQ.
0