Baxter BioScience Corporation Recommends Shareholders Reject “Mini-Tender” Offer by TRC Capital

DEERFIELD, Ill.--(BUSINESS WIRE)--Baxter International Inc. (NYSE: BAX) has been notified of an unsolicited “mini-tender” offer by TRC Capital Corporation to purchase up to 2 million shares, or approximately 0.35 percent, of Baxter’s outstanding common stock at a price of $46.10 per share in cash. The offer price was 4.67 percent below the $48.36 closing price of Baxter’s common stock on December 15, 2011, the day prior to the offer. TRC’s offer is subject to a number of conditions, including TRC’s ability to obtain financing necessary to consummate the offer.