06:28 AM EDT, 08/09/2024 (MT Newswires) -- Magna International ( MGA ) , one of the world's largest auto suppliers, said on Friday that it received notice of an unsolicited "mini-tender" offer made by TRC Capital Investment Corporation to purchase up to 2 million Magna common shares, or less than 1% of the outstanding capital, at a price of $57.90 apiece.

Magna told shareholders that the mini-tender offer has been made below recent market prices, representing a discount of 4.5% to the closing price of Magna's Common Shares on the Toronto Stock Exchange on July 29, 2024, the last trading day before the offer began.

The company said although the offering price represents a premium of 7.6% to yesterday's closing price of $53.82, it added the offer is "highly conditional".

Magna noted TRC Capital's offer states that it may withdraw its offer if, among other things, the market price of Magna Common Shares falls below $57.58. For reference, Magna noted, the closing price on the TSX for its Common Shares on August 8, 2024, was $53.82, which is already below this threshold. Additionally, Magna noted, TRC Capital's offer is "not fully funded and is conditioned upon receipt of necessary financing on terms it deems reasonable in its sole discretion."

Magna said it does not endorse TRC Capital's unsolicited mini-tender offer, is not affiliated or associated in any way with TRC Capital, and unequivocally recommends shareholders reject the TRC Capital offer.