Intuitive Surgical Recommends Rejection Of TRC's Mini-Tender Offer - Quick Facts

(RTTNews) - Intuitive Surgical Inc. (ISRG) said that it recommends stockholders to reject "Mini-Tender" Offer by TRC Capital Corporation. The company also recommends that stockholders who have already tendered shares in the offer withdraw their shares by providing written notice as described in TRC Capital's offering documents prior to the expiration of the offer, which is currently scheduled for 12:01 a.m. Eastern time on Friday, February 14, 2014.

Intuitive Surgical stated that it has been notified of an unsolicited "mini-tender offer" made by TRC Capital Corporation to the stockholders of the Company to purchase up to 250,000 shares of the Company's common stock, or approximately 0.65% of the Company's outstanding common stock.

TRC Capital's offer price of $405.00 per share is approximately 3.54 percent below the Company's closing price of $419.88 on January 14, 2014, the day before commencement of the offer.

The company said it does not endorse TRC Capital's mini-tender offer and recommends that stockholders reject the offer and not tender their shares. TRC Capital's offer is at a price below the current market price of the Company's common stock and is subject to the satisfaction of a substantial number of conditions. TRC Capital's offer states that it may terminate or amend the offer if, among other things, the market price of the Company's common stock declines, or if TRC Capital fails to obtain financing necessary to consummate the offer.