Public Service Enterprise Group (PEG) said late Friday it recommended that its shareholders reject TRC Capital Investment's unsolicited mini-tender offer for up to 1.5 million common shares of the company at $80.60 each.
The offer price is about 4.5% lower than the stock's closing share price July 21, the last trading day before the date of the offer, and 9.4% lower than its Friday closing price, the company said.
The offer is scheduled to expire at 12 am ET Aug. 20.
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