EOG Resources Recommends Rejection of Unsolicited Mini-Tender Offer by TRC
HOUSTON, Nov. 25, 2013
HOUSTON, Nov. 25, 2013 /PRNewswire/ --EOG Resources, Inc. (NYSE: EOG) (EOG)
announced it has been notified of an unsolicited "mini-tender" offer by TRC
Capital Corporation (TRC Capital). EOG received a copy of the offering
documents, dated November 15, 2013, pursuant to which TRC Capital has offered
to purchase for cash up to 1,000,000 shares, or approximately 0.37 percent, of
EOG's outstanding common stock. The offer price of $162.75 per share is more
than 4 percentbelow the $169.67 closing price of EOG's common stock on
November 14, 2013, the day prior to commencement of the offer.
EOG does not endorse TRC Capital's offer and recommends that stockholders
reject the offer and not tender their shares. TRC Capital's offer is at a
price below the current market price of EOG's common stock and is subject to
numerous conditions. EOG further recommends that stockholders who have
already tendered shares in the offer withdraw their shares by providing
written notice as described in TRC Capital's offering documents prior to the
expiration of the offer, currently scheduled for 12:01 a.m., New York City
time, Tuesday, December 17, 2013.
TRC Capital has made other similar mini-tender offers in the past for shares
of other companies. EOG urges investors to obtain current market quotations
for their shares of EOG common stock, consult with their broker or financial
advisor and exercise caution with respect to TRC Capital's offer. EOG is not
associated in any way with TRC Capital, any of its affiliates, the mini-tender
offer or the offering documents.
The United States Securities and Exchange Commission (SEC) has issued "Tips
for Investors" regarding mini-tender offers, noting: "Some bidders make
mini-tender offers at below-market prices, hoping that they will catch
investors off guard if the investors do not compare the offer price to the
current market price." The SEC's "Tips for Investors" may be found on the
SEC's website at http://www.sec.gov/investor/pubs/minitend.htm. The SEC
recommends that investors review mini-tender offers carefully to make sure
they understand the terms of the tender offer before tendering their shares.
EOG encourages stockbrokers and dealers to review the SEC and New York Stock
Exchange (NYSE) recommendations regarding the dissemination of mini-tender
offer materials. These recommendations are available at
http://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm and in the
Information Memo 01-27 issued by the NYSE, which can be found under the
"Regulation – NYSE – Rules & Interpretations – Information Memos" tab at
EOG Resources, Inc. is one of the largest independent (non-integrated) crude
oil and natural gas companies in the United States with proved reserves in the
United States, Canada, Trinidad, the United Kingdom and China. EOG Resources,
Inc. is listed on the New York Stock Exchange and is traded under the ticker
For Further Information Contact: Investors
Maire A. Baldwin
Kimberly A. Matthews
SOURCE EOG Resources, Inc.
Press spacebar to pause and continue. Press esc to stop.