Moderna urges shareholders to reject "undervalued" mini-tender offer
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Moderna (NASDAQ:MRNA) urged shareholders on Friday to reject a âmini-tenderâ offer by TRC Capital Investment, asserting that the offer price was below the biotech's current market value and subject to several conditions.
Moderna said TRC issued an offer on Sept. 5 to buy up to 1M shares at $107.56 per share, which is approximately 4.44% lower than Modernaâs closing price on Sept. 1, the last trading day the offer was made. 
The biotech company said the offer allows for shareholders who have already tendered their shares to withdraw them prior to the offerâs expiration date of 12:01 a.m. ET on Oct. 4. 
Moderna shares closed at $107.64 on Friday.

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