: TRC Capital cuts price of tender offer for Disney shares by nearly 5% due to ‘market conditions’


TRC Capital Investment Corp. said Wednesday that it has cut the price of its tender offer to buy up to 1.5 million shares of Walt Disney Co. DIS, -0.30% by nearly 5%, citing “current financial market conditions.” The private investment corporation said the offer price payable for the tender offer, which will expire at 12:01 a.m. Eastern time on Jan. 12, was lowered to $85.00 from $89.15. As of Tuesday’s close, TRC said no share had been tendered. The 1.5 million shares TRC is offering to buy for $127.5 million represents just under 0.1% of the 1.82 billion Disney shares outstanding as of Nov. 6. Disney’s stock, which inched up 0.1% in morning trading Wednesday, has dropped 13.0% over the past three months while the Dow Jones Industrial Average DJIA, -0.18% has rallied 12.4%.

This article was originally published by Marketwatch.com. Read the original article here.

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