Phillips 66 Battles Mini-Tender Offer
TRC has offered to purchase up to three million shares of Phillips 66, which represents about half of one percent of the company’s outstanding common stock. TRC is offering $31.30 per share, which is way below the current stock price. Phillips 66 shares were trading slightly above $34 during New York Stock Exchange trading this morning.
"Phillips 66 strongly recommends investors obtain current market quotes for their shares of common stock and consult with their financial advisors with respect to TRC's offer," the company said in a news release. "The company does not endorse and is not associated with TRC's unsolicited mini-tender offer."
This is not the first time TRC has attempted to acquire shares of a company that has ties to the convenience store industry. The firm made a bid to buy up to two million shares of Speedway LLC’s parent Marathon Petroleum Corp. in February at a price of $41.50, which was below its then-current price of $43.75 per share.
Like Phillips 66 now, all those companies strongly encouraged their shareholders to reject the offers.
Phillips 66 licenses its Conoco, 76 and eponymous brands to more than 8,000 U.S. convenience stores and gas stations.