* Tender offer was 4.76 pct below share price
* Shares closed at $75.72 on Thursday
Oct 18 (Reuters) - Humana Inc recommended on Thursday that shareholders reject a “mini-tender” offer made at a below-market price by TRC Capital Corp for up to 1.5 million, or around 0.77 percent, of the U.S. health insurer’s outstanding shares.
The offer price of $71.00 per share was 4.76 percent below the $75.33 closing price of the shares on the New York Stock Exchange on Oct. 11, the day prior to commencement of the offer, the company said in a statement.
The shares closed at $75.72 on Thursday.
Humana said TRC has made many similar mini-tender offers for shares of other companies and regulators have advised that bidders making mini-tender offers at below-market prices are often “hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price.”