Marvell Rebuffs TRC Capital's $90M Mini-Tender Offer

Law360, New York (March 26, 2012, 12:12 PM EDT) -- California semiconductor manufacturer Marvell Technology Group LTD has snubbed an unsolicited $90 million offer by private equity firm TRC Capital Corp. to purchase 1 percent of its company stock, Marvell said Monday.

Toronto, Ontario-based TRC's offer to buy up 6 million shares at $15 a pop was condemned by the chip manufacturer as a lowball bid of 4.94 percent below the company's stock closing price of $15.78 on Thursday, which is about when the offer was made, it said.

“Marvell Technology Group does not endorse TRC's...
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