BMO Recommends Shareholders Reject TRC Capital's Below …

TORONTO, March 28, 2023 /PRNewswire/ — BMO (TSX: BMO) (NYSE: BMO) has received notice of an unsolicited mini-tender offer by TRC Capital Investment Corporation (“TRC Capital”) to purchase up to 1 million BMO common shares, or approximately 0.14% of the common shares outstanding, at a below-market price of CAD £113.55 per share. BMO recommends that shareholders reject TRC’s unsolicited offer as the offer has been made at a price significantly below market, representing a discount of 4.44% and 4.40%, respectively, to the closing prices of BMO shares on the Toronto Stock Exchange and New York Stock Exchange on March 21, 2023, the last trading day before the date of the mini-tender offer. BMO does not endorse and is not affiliated or associated in any way with TRC Capital or its unsolicited mini-tender offer.

TRC Capital has made similar unsolicited mini-tender offers for shares of several other public companies. Mini-tender offers are designed to result in a holding of less than 5% of a company’s outstanding shares, thereby avoiding disclosure and procedural requirements applicable to most bids under Canadian and U.S. securities regulations. Both the Canadian Securities Administrators (CSA) and the U.S.

Securities and Exchange Commission (SEC) recommend that investors exercise caution with mini-tender offers and have expressed serious concerns about mini-tender offers, including the possibility that investors might tender to such offers without understanding the offer price relative to the actual market price of their securities. The SEC has issued “Tips for Investors” regarding mini-tender offers, noting that some bidders, in making the offers at below-market prices, are “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 advisory may be found on the SEC website at http://www.sec.gov/investor/pubs/minitend.htm. The CSA’s long-standing guidance on mini-tenders can be found on the Ontario Securities Commission website at www.osc.gov.on.ca/en/SecuritiesLaw_csa_19991210_61-301.jsp. 

BMO strongly encourages brokers, dealers and other market participants to exercise caution and review the letter regarding broker-dealer mini-tender offer dissemination and disclosures on the SEC website at www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.  BMO requests that a copy of this news release be included in any distribution of materials relating to TRC Capital’s mini-tender offer for BMO shares. According to TRC Capital’s offer documents, BMO shareholders who deposit their shares in acceptance of the offer may withdraw their shares in certain circumstances by following the procedures described in the offer documents.

About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider – the 8th largest bank, by assets, in North America.

With total assets of £1.15 trillion as of January 31, 2023, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

For News Media Enquiries: Jeff Roman, Toronto, [email protected], (416) 867-3996; For Investor Relations Enquiries: Christine Viau, Toronto, [email protected], (416) 867-6956, Bill Anderson, Toronto, [email protected], (416) 867-7834

SOURCE BMO Financial Group – Financial Performance

Tags:

matalan listed on couponmatrix.ukallsole-com listed on couponmatrix.ukapproved-food listed on couponmatrix.uklumin listed on couponmatrix.ukskiset listed on couponmatrix.ukwe-buy-any-phone listed on couponmatrix.uk
matalan listed on couponmatrix.ukValue for money is Matalan’s middle name. For those holiday basics, family essentials and garden must-haves, it’s all in one place at Matalan – where your money is guaranteed to go further. We’re suckers for a great deal, so the next time you need to stock up on Matalan dresses or home decor, head straight to our page for Matalan discount codes to cut the cost of your order. At Groupon, we track every Matalan sale and hand-pick the best Matalan deals available on the website now, so it’s easier than ever to manage a family budget.
allsole-com listed on couponmatrix.ukHow can I use my AllSole discount code? You’ll be instructed to enter a code once you are on the transaction page. There will be a clearly shown area to enter the code. Remember to enter the promo code before you complete the transaction, as it may not be possible to apply the code afterwards.
approved-food listed on couponmatrix.ukIt’s more important than ever that we eat and buy food conscientiously so as not to produce unnecessary waste, and clearance food & drink supplier Approved Food is here to make that an easy process. The retailer sells surplus and short-dated stock collected from supermarkets, letting you save heaps on your weekly shop - with an Approved Food discount code these savings will be larger than you could ever imagine.
lumin listed on couponmatrix.ukMen—there’s no excuse for not taking care of your skin! From fine lines to fatigue, Lumin Skincare packs everything you need into one simple routine, and you can even get your first month for free. Whether you’re a skincare expert or don’t know your eye cream from your exfoliant, you’ll still benefit from Lumin’s science-backed ingredients like charcoal, green tea and ginger. Give it a try with a Lumin discount code for high-quality skincare at an affordable price and your best skin yet.
skiset listed on couponmatrix.ukTake to the slopes with the UK’s number 1 ski rental and resort hire. If you want to try something new, or you’re already a passionate skier, Skiset is the ultimate supplier for your mountainous adventure. With shops at resorts across Europe and beyond, Skiset provide cutting edge ski and snowboard hire from the top brands, and all at an affordable price. With the Skiset discount code you can enjoy the thrill of skiing for less. With shops in over 400 resorts, Skiset are industry leaders in bringing the joys of skiing to everyone far and wide.
we-buy-any-phone listed on couponmatrix.ukWith so many smartphone brands and models to pick between, there’s never been a quicker turnaround of unwanted mobiles. That’s where We Buy Any Phone come in, who’ll offer customers nationwide hard cash for their unwanted smartphones and iPads. A We Buy Any Phone voucher code is the easy way to earn even more cash for devices that’ll otherwise just gather dust, making it a nifty service for practically every kind of customer.