Sherwin-Williams rejects mini tender offer

The Sherwin-Williams Co. has received notification of an unsolicited mini-tender offer by TRC Capital Corp., which wants to purchase up to 1,000,000 shares, or approximately 0.97%, of Sherwin-Williams' outstanding common stock. The offer price was 4.39% below the closing price on July 30, 2012, the day before the offer commenced, according to a Sherwin-Williams press release.

The Cleveland-based paint manufacturer does not endorse TRC's offer and recommends that shareholders do not tender their shares, according to the statement. “TRC's offer is a mini-tender offer at a price below the current market price for Sherwin-Williams shares and is subject to numerous conditions,” the company said. “Sherwin-Williams strongly recommends that shareholders obtain current market quotes for their shares, review the conditions to the offer, consult with their financial adviser and exercise caution with respect to TRC's offer.”

The offer expires on Wednesday, Aug. 29, 2012, EST.

“TRC has made similar mini-tender offers for shares of other large pu