TRC Capital Investment Corp. said Wednesday that it has cut the price of its tender offer to buy up to 1.5 million shares of Walt Disney Co. DIS by nearly 5%, citing “current financial market conditions.” The private investment corporation said the offer price payable for the tender offer, which will expire at 12:01 a.m. Eastern time on Jan. 12, was lowered to $85.00 from $89.15. As of Tuesday’s close, TRC said no share had been tendered. The 1.5 million shares TRC is offering to buy for $127.5 million represents just under 0.1% of the 1.82 billion Disney shares outstanding as of Nov. 6. Disney’s stock, which inched up 0.1% in morning trading Wednesday, has dropped 13.0% over the past three months while the Dow Jones Industrial Average DJIA has rallied 12.4%.
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