Philips rebuffs TRC Capital's mini-tender offer

AMSTERDAM Feb 3 (Reuters) - Dutch consumer electronics giant Philips said on Friday it does not recommend or endorse an unsolicited "mini-tender" offer by TRC Capital Corporation for some of its shares.

Philips said TRC has offered to buy up to 4 million New York Registry Shares, equivalent to 0.5 percent of Philips' total outstanding share capital, at $19.25 per share in cash.

It said the offer was 4.7 percent below the closing price of Philips' New York Registry Shares of $20.20 on the New York Stock Exchange on Jan. 25, the day before the start of the offer.

Mini-tender offers are designed to seek to acquire less than 5 percent of a company's outstanding shares, thereby avoiding many disclosure and procedural requirements of the Securities and Exchange Commission.

TRC has made similar offers for publicly traded companies in the past, which have been rebuffed.