July 25, 2018
Boston Scientific asks shareholders to reject $95.7M mini-tender
Courtesy | Boston Scientific
Boston Scientific's headquarters are located in Marlborough.
Canadian private investment firm TRC Capital wants to invest up to $95.7 million in Boston Scientific in a mini-tender offer, but the company says the firm’s per-share offering is well below market value.
Boston Scientific in a Wednesday announcement called on its shareholders to reject the offer, which is priced at $31.90 per share, which the company said was 4.35-percent below its share closing price on July 13, the last trading day before the offer.
The company’s stock fell 4.65 percent during pre-market trading Wednesday to $32.00. It closed Tuesday at $33.57.
TRC Capital’s offer to purchase up to 3 million of the company’s shares would constitute about almost 22 percent of Boston Scientific’s remaining outstanding shares.
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