RBC recommends shareholders reject TRC Capital Investment's below-market "mini tender" offer for common shares

Core Viewpoint - Royal Bank of Canada (RBC) has received an unsolicited mini-tender offer from TRC Capital Investment Corporation to purchase up to 500,000 common shares at a price below the market value, which RBC does not endorse and recommends shareholders to reject [1][3]. Group 1: Offer Details - TRC Capital Investment's offer price is CAD $224.00 per share, which is approximately 4.5% lower than the closing price of CAD $234.56 on January 13, 2026 [2]. - The offer represents about 0.036% of RBC's outstanding common shares as of January 13, 2026 [1]. Group 2: RBC's Position - RBC does not have any affiliation with TRC Capital Investment and strongly advises shareholders to reject the unsolicited offer [3]. - RBC encourages market participants to exercise caution regarding mini-tender offers and to review relevant guidance from regulatory bodies [6]. Group 3: Regulatory Context - Both the Canadian Securities Administrators (CSA) and the U.S. Securities and Exchange Commission (SEC) have expressed concerns about mini-tender offers, particularly regarding their below-market pricing and the potential for investor confusion [3][4]. - The SEC has provided tips for investors to be cautious with mini-tender offers, emphasizing the importance of comparing offer prices to current market prices [4].