The AES Corporation announced that it has been notified of an unsolicited “mini-tender” offer by TRC Capital Investment Corporation to purchase up to 4,000,000 shares of AES’ common stock, or approximately 0.598% of outstanding shares, at a price of $26.50 per share. This price is approximately 6.6% below the closing price of AES’ common stock on April 14, 2021 ($28.37, the day prior to this release), and a 4.4% discount to the closing price of AES’ common stock on the date of the tender offer ($27.72 on April 9, 2021).
AES does not endorse TRC Capital’s offer and recommends that AES’ stockholders reject the offer and not tender their shares in response to TRC Capital’s unsolicited mini-tender offer. This mini-tender offer is at a discount below the market price for AES’ shares (as shown above) and is subject to numerous conditions, including TRC Capital’s ability to obtain financing. AES is not associated in any way with TRC Capital, its mini-tender offer or the offer documentation. AES believes that TRC Capital’s offer is an opportunistic attempt by TRC Capital to purchase shares at a discount to the market price.
Like TRC Capital’s similar offers to the shareholders of other companies, this one puts individual investors at risk because they may not realize they are selling their shares at a discount. AES urges investors to obtain current market quotations for their shares, review the conditions to the offer, consult with their broker or financial adviser and to exercise caution with respect to TRC Capital’s mini-tender offer.
AES’ stockholders who have already tendered are advised that they may withdraw their shares by providing the written notice described in the TRC Capital offering documents prior to the expiration of the offer, which is currently scheduled at 12:01 a.m. New York City time on May 11, 2021.
AES requests that a copy of this press release be included with all distributions of materials relating to TRC Capital’s offer.
About AES
The AES Corporation is a Fortune 500 global energy company accelerating the future of energy. Together with our many stakeholders, we’re improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today. For more information, visit www.aes.com.