Seagen Recommends Rejection Of 'Mini-Tender' Offer from TRC Capital Investment Corporation

Seagen Inc. (Nasdaq:SGEN) today announced that it has been notified of an unsolicited “mini-tender” offer dated February 22, 2021, made by TRC Capital Investment Corporation, an Ontario, Canada corporation, to purchase up to 1,000,000 shares of Seagen's common stock. According to TRC, its “mini-tender” offer price of $151.00 per share was approximately 4.28% below the closing price of Seagen's common stock on February 19, 2021, the last trading day prior to the date of its offer.

Seagen does not endorse TRC Capital’s unsolicited “mini-tender” offer and is not associated in any way with TRC Capital, its “mini-tender” offer, or its “mini-tender” offer documents. Seagen recommends that Seagen shareholders reject the offer and not tender their shares in response to this unsolicited offer, for the reasons described below.

TRC has made many similar “mini-tender” offers for the shares of other companies. “Mini-tender” offers are designed to seek less than five percent of a company's outstanding shares, thereby avoiding many disclosure and procedural requirements of the U.S. Securities and Exchange Commission (SEC) because they are below the SEC's threshold to provide such disclosure and procedural protections for investors.

The SEC has cautioned investors about “mini-tender” offers in an investor alert. The SEC noted that these offers “have been increasingly used to catch investors off guard” and that many investors who hear about “mini-tender” offers “surrender their securities without investigating the offer, assuming that the price offered includes the premium usually present in larger, traditional tender offers.”

To read more about the risks of “mini-tender” offers, please review the alert on the SEC's website at http://www.sec.gov/investor/pubs/minitend.htm.

TRC’s “mini-tender” offer is subject to numerous conditions, including TRC obtaining sufficient financing available to consummate the offer on terms satisfactory to TRC in its reasonable discretion. Seagen urges shareholders to obtain current stock quotes for their shares of Seagen common stock, review the terms and conditions to the offer, consult with their broker or financial adviser and exercise caution with respect to TRC Capital’s “mini-tender” offer. Shareholders who have already tendered shares should consider the advisability of withdrawing their shares as permitted under TRC’s Offer to Purchase documents.