ENBRIDGE WANTS TRC CAPITAL’S MINI TENDER IGNORED

Enbridge Inc. urged shareholders to ignore a below-market offer for its shares Friday from a Toronto-based investment firm. TRC Capital Corp. has offered to buy 2.5 million Enbridge shares in a mini tender at $53.38 each — for total consideration of $133.45 million — which Enbridge said is a roughly 4.5 per cent discount on its share price on both Toronto and New York from earlier this week. The discount had widened to 6 per cent by early Friday. “Enbridge does not endorse this unsolicited offer, has no association with TRC Capital or its offer, and recommends that shareholders do not tender their Enbridge shares to the offer,” the Calgary- based pipeline company said in a release. TRC Capital has developed a reputation for its below-market mini-tender offers.