THE WHAT? Procter & Gamble has issued a statement encouraging stockholders to reject an unsolicited mini tender offer by TRC Capital Investment to purchase 1 million shares of the US FMCG manufacturer’s common stock.

THE DETAILS The offer price of US$118.63 per share is 4.54 percent below the closing price on the last trading day prior to the offer.

THE WHY? P&G said it did not endorse the offer and recommends shareholders do not tender their shares in response to it as it is below market price and subject to numerous conditions.