Royal Bank of Canada (RY) said Thursday it received an unsolicited mini-tender offer from TRC Capital Investment to purchase up to 500,000 of its shares at CA$224 ($162.23) per share in cash.
Royal Bank said it recommends that shareholders reject the offer as the price is about 4.5% lower than the closing share price of the shares on Jan. 13, the business day before the date of the offer.