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Dollar General Corp. has urged its shareholders to decline a “mini-tender” offer from an investment firm.

The company announced that TRC Capital Investment Corp. has officially started an unsolicited “mini-tender” offer to buy up to 1,500,000 shares of Dollar General’s common stock, which is less than 1% of the total outstanding common stock, at a price of $82.20 per share in cash.

Despite this offer, Dollar General is advising shareholders to reject the proposal as the offer price per share is around 4.43% below the closing price of Dollar General common stock on the New York Stock Exchange on Sept. 20, 2024.

According to a press release by the company, Dollar General does not support TRC Capital’s unsolicited mini-tender offer and advises shareholders not to tender their shares due to the offer’s low price compared to the current market price and its various conditions. Shareholders who have already tendered shares can withdraw them before the offer’s expiration on Oct. 23, 2024, at 11:59 pm, New York City time.

TRC Capital has the option to extend the offering period.

The release also mentions that TRC Capital has made similar unsolicited mini-tender offers for shares of other public companies at below-market prices.

As of Aug. 2, 2024, Dollar General operated 20,345 stores under various banners across the United States and Mi Súper Dollar General stores in Mexico.