Alexion Pharmaceuticals Inc. says it is urging its stockholders to reject a $137.5 million “mini-tender” offer for the high-flying Cheshire biopharma’s stock.
TRC Capital is offering $90.50 a share for as many as 1.5 million Alexion shares, or 0.77 percent of its total outstanding.
Alexion says the unsolicited offer is well below its stock price, which closed Friday at $92.67 a share.
According to InvestingDaily.com, TRC has made similar overtures in recent years to stockholders in a half dozen public companies, including PP&L Corp., PG&E Corp., Duke Energy and Anadarko Petroleum.
TRC’s business model is to buy shares below prevailing market prices, then recoup a profit selling the shares later at a higher price.
TRC’s Alexion offer expires on March 8.
