Sherwin Williams Wallpapaer Biogoraphy
CRIMESIDERNo motive yet in wedding day murder1 of 9VIDEOWho is Paul Ryan?2 of 9CBS EVENING NEWSGiant Asian tiger prawn invade Gulf waters3 of 9CBS EVENING NEWSComparing Romney and Ryan's ideas on Medicare4 of 9CELEBRITY CIRCUITCosmo editor Helen Gurley Brown dead at 905 of 9VIDEOMan drives wrong way for 7.5 miles6 of 9GALLERYOffbeat pics from London Olympics7 of 9CELEBRITY CIRCUITRobert Pattinson returns to spotlight8 of 9HEALTHPOPCDC obesity rates: Where does your state rank?9 of 9
August 7, 2012 1:35 PM
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Sherwin-Williams warns holders about TRC offer
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CLEVELAND — Sherwin-Williams has found itself the target of a below-market offer from an increasingly common source, TRC Capital, of Toronto.
TRC has already made similar bids for shares of Ford, Royal Philips Electronics, Marathon Petroleum and a host of others. The latest bid comes after warnings from the Securities and Exchange Commission that such bids are becoming common from sources that hope to "catch investors off guard."
Anyone holding a share of Sherwin-Williams would have to be paying little attention to sell now. The company, based in Cleveland and incorporated in 1884, has been striking new all-time highs all year long. It hit another one Tuesday, at $138.50.
Calls to Lorne Albaum, the securities lawyer who founded TRC, were not immediately returned Tuesday.
The tactics of the company, however, follow a clear pattern. It made a below-market bid for Ford in March after a 17 percent run-up in the value of its stock this year.
Sherwin-Williams joins a growing list of corporations warning investors about TRC, including cigarette maker Altria Group Inc., drug maker Gilead Sciences Inc., defense contractor Raytheon Co., restaurant food seller Sysco Corp., and General Electric Co.
On Tuesday, Sherwin-Williams said TRC Capital made a mini-tender offer for 1 million shares, or 0.97 percent of Sherwin-Williams' outstanding stock, at a price of $129.50. That is 4.4 percent below the stock's closing price on July 30, the day before the offer began.
A mini-tender offer is an offer to buy less than 5 percent of a company's outstanding shares, which doesn't trigger the same prohibitions and shareholder protections that a bigger offer would.
It is unclear if the TRC's strategy, perhaps best encapsulated by a quote attributed to P.T. Barnum, that "There's a sucker born every minute," is working.
CRIMESIDERNo motive yet in wedding day murder1 of 9VIDEOWho is Paul Ryan?2 of 9CBS EVENING NEWSGiant Asian tiger prawn invade Gulf waters3 of 9CBS EVENING NEWSComparing Romney and Ryan's ideas on Medicare4 of 9CELEBRITY CIRCUITCosmo editor Helen Gurley Brown dead at 905 of 9VIDEOMan drives wrong way for 7.5 miles6 of 9GALLERYOffbeat pics from London Olympics7 of 9CELEBRITY CIRCUITRobert Pattinson returns to spotlight8 of 9HEALTHPOPCDC obesity rates: Where does your state rank?9 of 9
August 7, 2012 1:35 PM
PRINT TEXT
Sherwin-Williams warns holders about TRC offer
comments0
inShare
More
CLEVELAND — Sherwin-Williams has found itself the target of a below-market offer from an increasingly common source, TRC Capital, of Toronto.
TRC has already made similar bids for shares of Ford, Royal Philips Electronics, Marathon Petroleum and a host of others. The latest bid comes after warnings from the Securities and Exchange Commission that such bids are becoming common from sources that hope to "catch investors off guard."
Anyone holding a share of Sherwin-Williams would have to be paying little attention to sell now. The company, based in Cleveland and incorporated in 1884, has been striking new all-time highs all year long. It hit another one Tuesday, at $138.50.
Calls to Lorne Albaum, the securities lawyer who founded TRC, were not immediately returned Tuesday.
The tactics of the company, however, follow a clear pattern. It made a below-market bid for Ford in March after a 17 percent run-up in the value of its stock this year.
Sherwin-Williams joins a growing list of corporations warning investors about TRC, including cigarette maker Altria Group Inc., drug maker Gilead Sciences Inc., defense contractor Raytheon Co., restaurant food seller Sysco Corp., and General Electric Co.
On Tuesday, Sherwin-Williams said TRC Capital made a mini-tender offer for 1 million shares, or 0.97 percent of Sherwin-Williams' outstanding stock, at a price of $129.50. That is 4.4 percent below the stock's closing price on July 30, the day before the offer began.
A mini-tender offer is an offer to buy less than 5 percent of a company's outstanding shares, which doesn't trigger the same prohibitions and shareholder protections that a bigger offer would.
It is unclear if the TRC's strategy, perhaps best encapsulated by a quote attributed to P.T. Barnum, that "There's a sucker born every minute," is working.
Sherwin Williams Wallpapaer
Sherwin Williams Wallpapaer
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