Discover Financial Services (NYSE: DFS) on Monday recommended its investors stay away from an offer for their shares from investor TRC Capital Corp.
Toronto-based TRC offered on August 7 to purchase up to 4 million shares of Discover’s common stock, or less than 1 percent of its shares, for $22 per share. TRC has been conducting such “mini-tender” offers for the stock of major U.S. and Canadian firms since 1999.
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