NEW YORK — IFF recommends company shareholders do not tender their shares in response to an unsolicited mini-tender offer from TRC Capital Investment Corp. to purchase up to 1.5 million shares of IFF’s common stock.

The offer price of $81.60 per share in cash on March 20 was 1.4% lower than a closing price of $82.60 per share on the New York Stock Exchange on March 17, the last trading day before the offer. The share price closed at $82.66 on March 22.

New York-based IFF added the offer is subject to numerous conditions, including TRC Capital obtaining financing for the offer. If IFF stockholders already have tendered their shares, they may withdraw them prior to the offer’s expiration scheduled for 12:01 a.m. EDT on April 4, according to IFF.

Mini-tender offers seek to acquire not more than 5% of a company’s outstanding shares, thereby avoiding many disclosure and procedural requirements of the US Securities and Exchange Commission. TRC Capital in June 2022 made an unsolicited mini-tender offer to purchase up to 4 millionshares of Keurig Dr Pepper, Inc. stock at a price below the market price on the Nasdaq.