Elanco recommends shareholders reject TRC's 'mini-tender' offer
Elanco Animal Health Incorporated has received a notification of an unsolicited "mini-tender" offer by TRC Capital Investment Corporation to purchase up to 4,000,000 shares of Elanco common stock, representing approximately 1.00% of the outstanding shares of Elanco common stock. TRC Capital's offer price of $26.45 per share is approximately 4.5% lower than the $27.70 closing price per share of Elanco common stock on the New York Stock Exchange on October 2, 2020, the last trading day before the date of the offer, and approximately 21.7% below the $33.79 closing price per share of Elanco common stock on October 12, 2020, the last trading day before the date of this press release. Elanco does not endorse TRC Capital's mini-tender offer and is not associated in any way with TRC Capital, its mini-tender offer or its mini-tender offer documents. Elanco recommends that shareholders do not tender their shares in response to the offer because the offer price is below the current market value for shares of Elanco common stock. The offer is subject to a number of conditions, including, among others, that there has not been a decrease in the market price of shares of Elanco common stock and TRC Capital's ability to obtain financing sufficient to consummate the offer. Elanco also recommends that shareholders who have tendered shares to TRC Capital withdraw those shares by providing the written notice described in the offering documentation before the expiration of the offer, which is currently scheduled for 12:01 a.m., New York City time, on November 3, 2020
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