What is a "mini-tender" offer?

A mini-tender offer is a type of tender offer made by a third party to purchase a small percentage (typically less than 5%) of a company's outstanding shares. These offers often avoid the stricter disclosure and procedural requirements that apply to larger tender offers under SEC regulations.

Why is OXY advising against the TRC offer?

OXY recommends against the offer because the price offered by TRC was a discount to the market price at the time the offer began. Additionally, TRC has the right to change or cancel the offer, and the offer's terms may not be as favorable as the market price for OXY shares due to volatility.

How can I find out the current market price of OXY stock?

Investors can obtain current market quotes for OXY common stock by checking financial news websites, stock market data providers, or by consulting with their brokerage firm or financial advisor.

What should I do if I have already tendered my shares?

If you have already tendered your shares, you have the right to withdraw them. You must provide written notice as described in TRC's offering documents before the offer expires on Friday, April 24, 2009, at 12:01 AM Eastern.

OXY/OXY-WT 8-K SEC Disclosure

Summary

Occidental Petroleum Corporation (OXY) filed an 8-K on March 31, 2009, to disclose an unsolicited "mini-tender" offer by TRC Capital Corporation (TRC). TRC is offering to purchase up to two million shares of OXY common stock at $56.25 per share. This offer represents a small fraction (less than 0.25%) of OXY's over 800 million outstanding shares and is not affiliated with the company. OXY strongly advises its stockholders to reject this unsolicited offer. The company highlights that TRC's offer price was a discount to OXY's closing price on the day before the offer commenced and notes that TRC reserves the right to amend or terminate the offer, potentially reducing the price or withdrawing the offer under certain conditions, including market price declines or financing issues. Investors are urged to obtain current market quotes, consult financial advisors, and exercise caution. Stockholders who have already tendered shares are reminded they can withdraw them before the offer's expiration on April 24, 2009.

Key Highlights

1OXY is warning investors about an unsolicited "mini-tender" offer from TRC Capital Corporation to buy up to 2 million shares at $56.25 each.
2The offer represents a very small percentage (less than 0.25%) of OXY's total outstanding shares.
3OXY is not associated with TRC or its offer and strongly recommends against tendering shares.
4The offer price of $56.25 was a discount to OXY's closing stock price on March 25, 2009.
5TRC Capital can amend or terminate the offer, potentially lowering the price or withdrawing the bid.
6OXY urges investors to compare the offer price to current market quotes and consult financial advisors.
7Stockholders who have already tendered can withdraw their shares before the offer expires on April 24, 2009.

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Corporate Update (Mar 31, 2009)

Summary

Key Highlights

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