Estee Lauder recommends stockholders reject mini-tender offer by TRC Capital

Estee Lauder announced that it has received notice that TRC Capital Investment commenced an unsolicited “mini-tender” offer to purchase up to 1,500,000 shares of the company’s Class A common stock, which represents approximately 0.64% of the outstanding Class A common stock, at a price of $83.65 per share in cash. The company does not endorse TRC’s unsolicited mini-tender offer and recommends that stockholders do not tender their shares because TRC’s offer is at a price below the current market price for Class A common stock and is subject to numerous conditions. The company is in no way associated with TRC, its mini-tender offer, or the mini-tender offer documents. Mini-tender offers seek to acquire less than 5% of a company’s shares outstanding. Consequently, they can avoid many of the disclosure and procedural requirements of SEC rules intended for the protection of stockholders, which would apply to offers for more than 5% of a company’s shares.