Dominion Resources Recommends Investors Vote Against TRC Capital's Mini-Tender Offer, Notes Below Market Price Valuation

Dominion Resources, Inc. D confirmed on Thursday it received an unsolicited "mini-tender" offer by TRC Capital to acquire up to 2 million shares of Dominion's common stock at a price of $66.50 per share.

Dominion Resources noted that the offering price is more than 4 percent below the closing price of its stock on January 11, the last trading day before the offer was commenced.

Dominion Resources added that the offer represents approximately 0.34 percent of its total outstanding shares. The company also recommends shareholders do not tender their shares.

Finally, Dominion Resources pointed out that that the Securities and Exchange Commission has cautioned investors about these "mini-tender" offers, noting that "some bidders make mini-tender offers at below-market prices, hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price.

Shares of Dominion Resources closed at $69.64 on Thursday and have lost nearly 9 percent over the past year.