TRC Capital has made an unsolicited mini-tender offer to buy 2 million shares or 4.34 percent stake in Cognizant Technology Solutions at $53.50 per share in cash.
Cognizant Technology, a leading IT services provider, says it does not endorse TRC’s unsolicited mini-tender offer and requested stockholders to reject this unsolicited offer.
Since the mini-tender offers seek less than 5 percent stake of Cognizant Technology’s stock, TRC Capital can avoid many of the United States Securities and Exchange Commission (SEC) disclosure and procedural requirements for tender offers.
Stockholders of Cognizant Technology who already have tendered their shares may withdraw them by providing, prior to the expiration of the offer, the written notice described in the TRC offering documents.
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