The Estée Lauder Companies has received notice that TRC Capital Investment Corporation (TRC) commenced an unsolicited “mini-tender” offer to purchase up to 1,500,000 shares of the ELC’s Class A common stock, which represents approximately 0.64% of the outstanding Class A common stock, for $83.65 per share in cash.
 
The Company does not endorse TRC’s unsolicited mini-tender offer and recommends that stockholders do not tender their shares because TRC’s offer is at a price below the current market price for Class A common stock and is subject to numerous conditions. 
 
ELC is in no way associated with TRC, its mini-tender offer, or the mini-tender offer documents.
 
The SEC has cautioned investors 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” and that investors “may end up selling their securities at below-market prices.”
 
Stockholders should obtain current market quotations for their shares, consult with their broker or financial advisor, and exercise caution for TRC’s mini-tender offer, including monitoring for any amendment by TRC to its offer. 
 
ELC recommends that stockholders who have not responded to TRC’s offer take no action. 
 
According to TRC’s offer documents, stockholders who have already tendered their shares may withdraw them by providing the notice described in the documents before the expiration of the offer, which is currently scheduled to occur on October 9, 2024. TRC may extend the offering period at its discretion.

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