An unsolicited "mini-tender" to buy AT&T (NYSE:T) shares has not been welcomed by the telecommunications giant's board.
The offer from TRC Capital, revealed in a regulatory filing after the market closed yesterday, is for up to 3mln AT&T shares at US$31.30 a share.
AT&T shares closed at US$32.33 on Tuesday, and that was after the market took a shellacking.
"AT&T wishes to inform its shareholders that it recommends rejection of this unsolicited offer and that AT&T is in no way associated with TRC Capital Corporation," AT&T stated in the stock market announcement.
AT&T shares are off 7% over the last month.