Principal Financial Group cautions against Baker Mills’ mini-tender offer
Principal Financial Group has urged its shareholders to reject a mini-tender offer by Baker Mills to acquire approximately 50,000 shares of the company.
Baker Mills offered to buy about 0.017 percent of Principal’s shares of common stock at $67.20 per share on Jan. 29. The offered price is approximately 10.45 percent lower than the $75.04 closing price of Principal’s common stock on Nasdaq on the last trading day before Baker Mills released the offer.
Principal clarified it is not associated with Baker Mills or the mini-tender offer.
Baker Mills does business in Delaware but has a main business address in Australia and is not generally required to comply with Securities and Exchange Commission’s information filing requirements.
Principal called on shareholders to ignore Baker Mills’ offer and advised those who have tendered their shares to withdraw them before the offer’s expiration on March 2.
The financial services company also asked brokers, dealers and other market participants to study the SEC’s letter on the dissemination and disclosure of broker-dealer mini-tender offers.