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EnCana Corp. shares were down about 4% Tuesday morning following news on Monday that the company recommended that shareholders reject an unsolicited mini-tender offer made by TRC Capital Corp. (TRC Capital) for up to two million shares, or 25% of the outstanding common shares of the company, at an offer price of C$54.50/share.
EnCana noted that the offer represented a 3.96% discount to the C$56.75 closing price for its common shares on the Toronto Stock Exchange on Jan. 31, the day before the offer was made.
EnCana said TRC Capital's unsolicited offer is not related to EnCana's previously announced normal course issuer bid for the purchase, from time to time, of up to 85.6 million common shares on the Toronto Stock Exchange and the New York Stock Exchange.
ECA shares peaked near $70/share last October but cascaded down steadily following the announcement that company founder and CEO Gwyn Morgan would step down. Morgan remains executive vice chairman for 2006, working mainly as an advisor for the new president and CEO, Randall K. Eresman.
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