NEW ORLEANS, June 20, 2019 /PRNewswire/ -- Entergy
Corporation (NYSE: ETR) has been notified of an unsolicited
mini-tender offer by TRC Capital Corporation to purchase up to 1
million shares of Entergy common stock, representing approximately
0.53% of Entergy's outstanding shares as of April 30, 2019.
TRC's offer price of $97.50 is
4.45% below the closing price of Entergy's common stock on
June 14, 2019, the last trading day
prior to the commencement of the offer.
Entergy does not endorse TRC's unsolicited mini-tender offer and
is in no way associated with TRC, its mini-tender offer or its
mini-tender offer documentation.
Entergy recommends shareholders do not tender their shares in
response to TRC's mini-tender offer or, if shareholders have
already tendered shares, that they withdraw their shares by
providing the written notice described in the TRC mini-tender offer
documents prior to the expiration of the offer, currently scheduled
for 12:01 a.m. Eastern Time on
July 17, 2019, because it was
commenced at a below-market offer price, is highly conditional and
is not subject to important investor protections.
Mini-tender offers, such as TRC's offer, are not subject to many
of the disclosure and procedural requirements afforded to larger
tender offers, including the filing of disclosure and other tender
offer documents with the U.S. Securities and Exchange Commission
and other procedures mandated by U.S. securities laws.
Entergy urges common shareholders to obtain current market
quotations for their shares of common stock, to consult their
broker or financial advisor, and to exercise caution with respect
to TRC's offer.
The SEC has cautioned investors that some bidders making
mini-tender offers at below-market prices are "hoping that they
will catch investors off guard if the investors do not compare the
offer price to the current market price." The SEC's advisory may be
found on the SEC website at
http://www.sec.gov/investor/pubs/minitend.htm. TRC has made many
similar unsolicited mini-tender offers for shares of other public
companies.
Entergy urges broker-dealers and other market participants to
review the SEC's recommendations to broker-dealers in these
circumstances, which can be found on the SEC website at
http://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm
and Information Memo Number 01-27 issued by the NYSE on
September 28, 2001, which can be
found on the NYSE website at
https://www.nyse.com/publicdocs/nyse/markets/nyse/rule-interpretations/2001/01-27.pdf
regarding the dissemination of mini-tender offer materials.
Entergy requests that a copy of this news release be included
with all distributions of materials relating to TRC's mini-tender
offer related to shares of Entergy common stock.
About Entergy Corporation
Entergy Corporation (NYSE: ETR) is an integrated energy company
engaged primarily in electric power production and retail
distribution operations. Entergy owns and operates power plants
with approximately 30,000 megawatts of electric generating
capacity, including 9,000 megawatts of nuclear power. Entergy
delivers electricity to 2.9 million utility customers in
Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of
$11 billion and nearly 13,700
employees.
entergy.com
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SOURCE Entergy Corporation