EVERETT, Wash.--( BUSINESS WIRE )--Fortive Corporation (Fortive) (NYSE: NYSE: ) has been notified of an unsolicited mini-tender offer by TRC Capital Investment Corporation (TRC) to purchase for up to $1,500,000 in cash. . shares, or approximately 0.44%, of Fortive's outstanding common stock, at a price of $75.00 per share. TRC's offer price of $75.00 per share represents a 4.93% discount to the closing price per share of Fortive's common stock on December 6, 2024, the last trading day prior to the commencement of TRC's unsolicited mini-tender offer.
Fortive recommends that shareholders reject TRC's unsolicited offer because, among other reasons, the offer price is below the current market price for shares of Fortive common stock. The offer is also subject to several conditions. Fortive also recommends that any shareholders who have tendered shares to TRC withdraw those shares by providing the written notice described in the offer document prior to the expiration of the offer period, which is currently New York City time. , scheduled for one minute after 11:59 p.m., on January 9, 2025.
Fortive is not affiliated with TRC, its Mini-Tender Offer or Mini-Tender Offer Documents.
TRC made a similar unsolicited mini-tender offer for Fortive's shares in 2021. In addition, TRC has made similar unsolicited mini-tender offers for shares of other public companies. Mini-tender offers are designed to solicit less than 5 percent of a company's outstanding shares, allowing many investors to comply with the disclosure and procedural requirements applicable to large tender offers under United States securities laws. Safeguards are avoided. The US Securities and Exchange Commission (SEC) has cautioned investors about mini-tender offers, noting that "some bidders make mini-tender offers at below-market prices in the hope that they will make investors wary. If investors don't compare, offer a price at the current market price." The SEC has also published on its website investor tips regarding these offerings: http://www.sec.gov/investor/pubs/minitend.htm.
Fortive encourages brokers and dealers, as well as other market participants, to review the SEC's letter regarding the dissemination and disclosure of broker-dealer mini-tender offers at the SEC's website: http://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.
Fortive urges investors to obtain current market quotations for shares of Fortive's common stock, consult with their brokers or financial advisors and exercise caution in connection with the TRC offering.
About Fortive
Fortive is a provider of essential technologies for connected workflow solutions in a range of attractive end-markets. Fortive's strategic segments – Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions – include well-known brands with leading positions in their markets. The company's businesses design, develop, service, manufacture, and market professional and engineered products, software, and services, building on leading brand names, innovative technologies, and significant market positions. Fortive is headquartered in Everett, Washington and employs a team of more than 18,000 research and development, manufacturing, sales, distribution, service and administrative employees in more than 50 countries worldwide. With a culture rooted in continuous improvement, the core of our company's operating model is the Fortive Business System. For more information please visit: www.fortive.com.
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Elena Rossman
Vice President, Investor Relations
Fortive Corporation
6920 Seaway Boulevard
Everett, WA 98203
Telephone: (425) 446-5000
Source: Fortive Corporation