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AT&T Recommends Shareholders Reject Mini-Tender Offer from TRC Capital

1. TRC offers to buy 4 million shares of T at $26.38 each. 2. AT&T states the offer is unsolicited and advises shareholders to reject it. 3. The offer price is below the current market price of AT&T shares. 4. SEC warns investors about potential risks of mini-tender offers. 5. AT&T encourages shareholders to consult financial advisors regarding this offer.

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FAQ

Why Bearish?

The unsolicited offer at a lower price may signal weakness in demand, similar to past events where mini-tender offers negatively impacted stock prices.

How important is it?

Despite AT&T's rejection of the offer, the unsolicited nature and lower price could create investor uncertainty and negatively affect stock price in the near term.

Why Short Term?

The immediate pricing pressure from the mini-tender offer will likely be felt until June 3, 2025, the expiration date.

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TRCVZTMUS
, /PRNewswire/ -- AT&T Inc. ("AT&T") has learned that TRC Capital Investment Corporation ("TRC") has made an unsolicited "mini-tender" offer, dated May 5, 2025. TRC has offered to purchase up to 4 million shares of AT&T common stock at $26.38 per share. The offer expires on June 3, 2025, unless extended by TRC. AT&T is in no way associated with TRC and recommends that shareholders reject this unsolicited offer. AT&T cautions shareholders that the offer is being made at a price below the current trading price of AT&T common stock. AT&T also cautions shareholders that TRC can extend the offer and delay payment beyond the scheduled expiration date of June 3, 2025. Mini-tender offers seek less than 5 percent of a company's outstanding shares. This lets the offering company avoid many disclosure and procedural requirements the U.S. Securities and Exchange Commission ("SEC") requires for tender offers. The SEC has issued an alert on its website regarding mini-tender offers. This alert advises that mini-tender offers "have been increasingly used to catch investors off guard" and that investors "may end up selling their securities at below-market prices." AT&T urges investors to obtain current market quotes for their shares of common stock, consult with their financial advisors and exercise caution with TRC's offer. Shareholders who already tendered their shares may withdraw them by providing the written notice described in the TRC offering documents before the expiration of the offer and at other times described in the offering. AT&T requests that a copy of this news release be included with all distributions of materials related to TRC's offer for shares of AT&T common stock. About AT&TWe help more than 100 million U.S. families, friends and neighbors, plus nearly 2.5 million businesses, connect to greater possibility. From the first phone call 140+ years ago to our 5G wireless and multi-gig internet offerings today, we @ATT innovate to improve lives. For more information about AT&T Inc. (NYSE:T), please visit us at about.att.com. Investors can learn more at investors.att.com. © 2025 AT&T Intellectual Property. All rights reserved. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property. SOURCE AT&T WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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