IFF Recommends Stockholders Reject Mini-Tender Offer by TRC Capital Investment Corporation
21.3.2023 23:15:00 EET | Business Wire | Press release
IFF (NYSE: IFF) has been notified that TRC Capital Investment Corporation has made an unsolicited “mini-tender offer” to purchase up to 1,500,000 shares of the Company’s common stock, and, per a press release issued by TRC on March 20, has amended the terms of such offer to decrease the offer price payable from $89.95 to $81.60 per share in cash. TRC Capital Investment Corporation’s offer price is approximately 1.4% lower than the $82.76 closing price of IFF’s common stock on March 17, 2023, the last trading day prior to the date of the amended offer.
IFF recommends that stockholders do not tender their shares in response to TRC's offer because the offer price is below the current market price of IFF’s shares and is subject to numerous conditions, including TRC Capital Corporation obtaining financing for the offer. There is no guarantee the conditions of the offer will be satisfied. IFF recommends that stockholders who have not responded to TRC Capital Investment Corporation’s offer take no action.
IFF stockholders who have already tendered their shares may withdraw them at any time by providing notice in the manner described in the TRC offering documents prior to the expiration of the offer, which is currently scheduled for 12:01 a.m. EDT on April 4, 2023, unless extended.
IFF does not endorse TRC’s unsolicited mini-tender offer. IFF is not affiliated or associated in any way with TRC, its mini-tender offer, or its mini-tender offer documents.
TRC's mini-tender offer is not subject to many of the disclosure and procedural requirements of Securities and Exchange Commission (SEC) rules that are designed to protect investors. TRC has made similar unsolicited mini-tender offers for stock of other public companies. The SEC has cautioned investors about mini-tender offers, providing guidance to investors at http://www.sec.gov/investor/pubs/minitend.htm. Mini-tender offers seek to acquire not more than 5 percent of a company’s outstanding shares, thereby avoiding many disclosure and procedural requirements of the SEC that are designed to protect investors.
IFF urges stockholders to obtain current market quotations for their shares of stock, to consult their broker or financial advisor, and to exercise caution with respect to TRC’s offer. IFF requests that a copy of this news release be included with all distributions of materials relating to TRC's mini-tender offer related to IFF’s stock.
Welcome to IFF
At IFF (NYSE: IFF), an industry leader in food, beverage, scent, health and biosciences, science and creativity meet to create essential solutions for a better world – from global icons to unexpected innovations and experiences. With the beauty of art and the precision of science, we are an international collective of thinkers who partners with customers to bring scents, tastes, experiences, ingredients and solutions for products the world craves. Together, we will do more good for people and planet. Learn more at iff.com, Twitter, Facebook, Instagram, and LinkedIn.
© 2023 by International Flavors & Fragrances Inc. IFF is a Registered Trademark. All Rights Reserved.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230321005937/en/
Contact information
Media Relations:
Paula Heinkel
332.877.5339
Media.request@iff.com
Investor Relations:
Michael Bender
212.708.7263
Investor.Relations@iff.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Samos Energy Acquisition Corporation Announces Pricing of Initial Public Offering10.7.2026 16:32:00 EEST | Press release
Samos Energy Acquisition Corporation (the “Company”) announced today the pricing of its initial public offering (“IPO”) of 20,000,000 units at a price of $10.00 per unit. The units will be listed on the New York Stock Exchange (the “NYSE”) and trade under the ticker symbol “SAMO.U” beginning on July 10, 2026. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one of the Company’s Class A ordinary shares at an exercise price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the NYSE under the symbols “SAMO” and “SAMO.WS,” respectively. Cantor Fitzgerald & Co. is acting as the sole book running manager for the proposed offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 3,000,000 units at the IPO price. The public offering is being made
Onera hPSG ® Wins Prestigious Red Dot Product Design Award10.7.2026 16:00:00 EEST | Press release
Onera Health, a leader in transforming sleep medicine, announces that its innovative product, Onera hPSG®, has been honoured with the prestigious Red Dot Product Design Award for 2026. This international recognition celebrates exceptional design quality and underscores Onera Health's commitment to excellence, creativity, and patient-centric innovation. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260710266668/en/ Onera Health's patch-based home polysomnography solution, Onera hPSG®, wins Prestigious Red Dot Product Design Award 2026. The Red Dot Award, one of the most sought-after seals of quality for good design, attracted thousands of entries from around the globe. Onera hPSG® stood out for outstanding functionality, striking aesthetics, and thoughtful user experience. The expert jury praised the product for translating complex sleep diagnostics into a wearable, easy-to-use system that enables low-threshold application.
teamLab Biovortex Kyoto Welcomes Over 1 Million Visitors within 9 Months of Opening10.7.2026 10:00:00 EEST | Press release
teamLab Biovortex Kyoto has welcomed over 1 million visitors as of July 6, 2026, 9 months after its grand opening. (*1) These visitors arrived from more than 150 countries and regions. International visitors account for approximately 42% of the total. Many of these international visitors travel from distant countries and regions, including the United States, Australia, Canada, the United Kingdom, and Germany. Approximately 30% of these international visitors purchase their tickets at least 30 days in advance. teamLab Biovortex Kyoto is teamLab's largest museum in Japan, with an average visitor stay of over two and a half hours. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260709913938/en/ teamLab Biovortex Kyoto Welcomes Over 1 Million Visitors within 9 Months of Opening *1 According to ticket purchase data from the official teamLab Biovortex Kyoto website (survey period: October 7, 2025 – July 6, 2026) Visitors Comment (M
Robbyant Launches LingBot-VA 2.0 Built Natively for Embodied AI and Physical World Control10.7.2026 09:48:00 EEST | Press release
Robbyant, an embodied AI company within Ant Group, today announced the release of LingBot-VA 2.0, the industry’s first embodied-native video-action world model. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260709654440/en/ A robot powered by LingBot-VA 2.0 engages in a real-time tabletop air hockey match with a human This release marks a key transition in robotics foundation models, shifting from repurposing digital world models to designing them natively for the physical world. Instead of relying on fine-tuned digital content generation models, LingBot-VA 2.0 is built from scratch to meet the original demands of dynamic modeling, causal prediction, and real-time execution in physical environments. Integrating world models with embodied AI has been one of the major focuses of the AI industry. However, most mainstream approaches rely on video generation models designed for digital content, which are then fine-tuned for robo
SureWerx Appoints Erik Pertot as VP/GM SureWerx EMEA10.7.2026 09:00:00 EEST | Press release
SureWerx, a leading global manufacturer of personal protective equipment, safety products, tools and equipment solutions, today announced the appointment of Erik Pertot as VP/GM SureWerx EMEA. Pertot will report directly to CEO Scott Dowell and will lead growth, manufacturing and M&A activities in Europe across the company’s global portfolio. Erik joins SureWerx with more than 20 years of international leadership experience across engineering, quality, marketing, sales, international supply chain, product management, and general management. He brings deep expertise in the personal protective equipment industry, with a track record of leading complex, compliance-critical programs, managing business transitions, and driving growth across multinational environments. Most recently, Pertot served as Global General Manager for Footwear and Fall Protection at Protective Industrial Products (PIP), where he also held senior portfolio management leadership roles. Prior to that, he held a series
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom