First Solar (NASDAQ: FSLR ) has received an unsolicited "mini offer" for a small block of its stock. The offering party is private investment boutique TRC Capital, which has proposed buying up to 2 million shares (around 2.3% of the outstanding amount) of the company for $30 apiece in cash.
The stock currently trades at around that level.
First Solar responded negatively to TRC Capital's move, saying in a news release that it "does not endorse TRC's mini-tender offer and recommends that First Solar stockholders do not tender their shares in response to the offer because it is a mini-tender offer at a price below the market price for First Solar shares."
So-called "mini" offers are solicitations for small blocks of stock. Typically, they target positions under 5% of outstanding shares and as such are not subject to some of the disclosure rules mandated by larger bids.