Covidien Ltd Cautions Shareholders on ''Mini-Tender'' Offer by TRC Capital Corporation

PEMBROKE, Bermuda--(BUSINESS WIRE)--Covidien Ltd. (NYSE: COV; BSX: COV) today announced that it has been notified of an unsolicited “mini-tender” offer by TRC Capital Corporation (TRC) for TRC to purchase for cash up to two million shares of Covidien common stock (approximately 0.4% of the outstanding shares), at a price of $42.75 per share. TRC’s offer price of $42.75 represented a 3.5% discount to the closing price of $44.30 per share on the New York Stock Exchange (NYSE) on July 16, 2007, the day before the commencement of TRC’s unsolicited mini-tender offer.