Shares of Cardinal Health Inc. said Friday it received notice that TRC Capital Corp. has launched a “mini-tender” to buy up to two million Cardinal shares at $65.85 a share. The tender offer price, which represents about 0.6% of the shares outstanding, is 6.5% below Thursday’s closing price, and 4.5% below the March 2 closing price, the last day before the tender offer was commenced. Cardinal recommended investors not to sell to TRC given the offer’s discount to current prices, and shareholders who have already tendered their shares can withdraw them at any time before 12:01 a.m. ET on April 4. The stock, which was still inactive in premarket trade, has soared 19.6% over the past three months, while the SPDR Health Care Select Sector ETF has gained 2.7% and the S&P 500 has advanced 3.3%.
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