Baker Hughes Recommends Shareholders Reject $42.00/Share 'Mini-Tender Offer' by TRC Capital

Baker Hughes

received notification of an unsolicited "mini-tender" offer by TRC Capital Corporation to purchase up to 2,500,000 shares, or approximately 0.56 percent, of common stock of Baker Hughes at $42.00 per share. This offering price is 4.61 percent below the $44.03 per share closing price of Baker Hughes shares on April 17, 2013, the day before the offer. In addition, TRC may terminate or amend its offer if certain conditions occur, including any decrease in the company's share price, and its offer is subject to the availability of financing on terms satisfactory to TRC. Baker Hughes recommends that stockholders who have not responded to the TRC Capital offer take no action because it is at a price below the current market price for Baker Hughes shares and is subject to numerous conditions. Baker Hughes further recommends that stockholders who have already tendered shares in TRC Capital's offer withdraw their shares by providing the written notice described in the TRC Capital offering documents prior to the expiration of the offer, currently scheduled for 12:01 a.m. New York City time on Friday, May 17, 2013.  TRC Capital has made many similar