Kraft Foods Group has called on shareholders to turn down an "unsolicited" mini-tender offer from private-equity firm TRC Capital for a portion of the company's stock.
The US firm said the Canadian investment fund is looking to purchase up to 2m shares of Kraft common stock for $44 per share. The stake is 0.34% of Kraft Foods Group's outstanding share capital.
Kraft Food Group said TRC's offer was 4.37% below the price of its stock on 13 December, the last full trading day prior to the offer.
Kraft said it "does not endorse" TRC's unsolicited mini-tender offer and recommends that shareholders "do not tender their shares in response to it".
This is the second approach on Kraft by TRC Capital. In 2007, the then Kraft Foods advised its shareholders to reject a mini-tender offer from the company for 3m shares.
Kraft Foods Group's share price was up 0.43% at $46.43 at 12:45 ET.
