CenturyLink recommends against shareholders tendering their shares in response to TRC Capital's unsolicited mini-tender offer. Mini-tender offers such as this one avoid many of the investor protections afforded for larger tender offers, including the filing of disclosure and other tender offer documents with the
CenturyLink strongly urges investors to obtain current market quotations for their shares of CTL common stock, to consult with their financial advisors and to exercise caution with respect to TRC Capital's offer. Shareholders who may already have tendered their shares may withdraw them by providing the written notice described in the TRC Capital offering documents prior to the expiration of the offer currently scheduled for
The SEC has issued an investor alert regarding these mini-tender offers. The SEC has noted that, in making the offers at below-market prices, bidders are "hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price." The SEC's advisory may be found on the SEC's website at www.sec.gov/investor/pubs/minitend.htm. The Canadian Securities Administrators have also issued an advisory entitled "Mini-Tender Offers - Watch Out For Mini-Tender Offers Below Market Price!", which may be found at www.osc.gov.on.ca/Media/NewsReleases/1999/nr_19990927_mini.jsp.
CenturyLink refers broker/dealers and other market participants in the dissemination of TRC Capital's offer to the SEC's recommendations to broker/dealers in these circumstances, which can be found atwww.sec.gov/divisions/marketreg/minitenders/sia072401.htm and to information issued by the
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