US: Coca-Cola Co. warns against mini-tender
The Coca-Cola Company has distanced itself from an "unsolicited" mini-tender offer launched by investment holding company K&N Value Select Corp.
The investment firm is looking to acquire up to 100m shares in Coca-Cola, which represents just under 5% of the soft drink company's common stock. K&N has said it will offer four shares of its stock in exchange for five Coca-Cola shares.
"The Coca-Cola Co. is in no way associated with K&N, its mini-tender or any offering documentation K&N may use in connection with its offer," Coca-Cola said today (16 November).
"The Coca-Cola Co. urges shareholders to carefully consider this purported offer, consult with their broker or financial adviser and to exercise extreme caution before surrendering their shares.
"The Coca-Cola Co. is unable to take a position regarding a recommendation to its shareholders on accepting or rejecting the offer."
Coca-Cola warned shareholders who receive K&N shares in exchange for their Coca-Cola shares that they would not have the investor protections that accompany registration under the Securities Act of 1933.
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