General Electric: recommends shareholders reject “mini-tender” offer from TRC Capital Investment Corporation


BOSTON – October 1, 2021: GE (NYSE: GE) GE (NYSE: GE) today announced that it has received an unsolicited “mini-tender” notice from TRC Capital Investment Corporation (TRC Capital) to purchase up to 1,000,000 shares of The common shares of GE, which represent approximately 0.09% of the outstanding shares, priced at $ 99.00 per share in cash. The price of the TRC Capital offer is 4.62% lower than the closing price of $ 103.80 per share of the common shares of GE on September 24, 2021, the last trading day before the start of the mini-offer public purchase.

GE does not approve TRC Capital’s unsolicited mini-takeover bid and recommends that GE shareholders not tender their shares to the offer because the offer is priced below the current market price for the shares. GE shares.

TRC Capital has included in the terms of its offer a condition that the closing price of GE shares must not fall. As a result, unless TRC Capital decides to waive this condition, GE shareholders who tender their shares to the offer would receive a lower than market price for the shares of GE in the public tender offer. ‘purchase. The Offer is also subject to numerous conditions, including the ability of TRC to obtain sufficient financing to complete the Offer.

Shareholders should obtain current market quotes for their shares, consult their broker or financial advisor, and exercise caution regarding TRC Capital’s mini-takeover bid. GE recommends that shareholders who did not respond to TRC Capital’s offer take no action. Shareholders who have already tendered their shares can withdraw them at any time before 12:01 a.m. New York time on October 26, 2021, according to TRC Capital’s offering documents.

Mini-takeover bids aim to acquire less than five percent of a company’s outstanding shares. As a result, they can avoid many of the disclosure and procedural requirements of the United States Securities and Exchange Commission (SEC) rules that apply to offers for more than 5% of a company’s outstanding shares.

The SEC has warned investors against mini-bidding bids, saying mini-bidding bids “have been increasingly used to catch investors off guard” and investors ” could end up selling their securities at lower prices than the market “. SEC guidelines for investors on mini-tender offers are available at https://www.sec.gov/reportspubs/investor-publications/investorpubsminitendhtm.html.

GE encourages brokers and brokers, as well as other market participants, to review the SEC Letter Regarding Dissemination and Disclosure of Broker-Broker Mini-Bidding Offers, available at https: //www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.

GE requests that a copy of this press release be attached to all distributions of documents relating to TRC Capital’s mini-takeover bid for the common shares of GE.

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