05:22 PM EDT, 07/22/2024 (MT Newswires) -- Hydro One ( HRNNF ) on Monday has urged shareholders to reject a below-market mini-tender offer for its shares fromy TRC Capital Investment.

The company said TRC is offering to purchase up to 2.5 million of its shares at a below-market price of $38.10 per share in cash.

According to a statement, Hydro One ( HRNNF ) "does not endorse TRC Capital's unsolicited offer, is not affiliated or associated with TRC Capital or its offer and recommends that shareholders do not tender their common shares to the offer."

Hydro One ( HRNNF ) shares closed up $0.34 to $41.39 on the Toronto Stock Exchange.