ON Semiconductor Corporation (NASDAQ:ON) has issued a warning to its shareholders about an unsolicited mini-tender offer from TRC Capital Investment Corporation.

The bid proposes the purchase of up to 1.5 million shares of ON Semiconductor's stock at $70.75 each, which is about 4.4% less than the closing price of $74.04 on March 19, 2024.

This offer represents a meager 0.35% of the company's outstanding shares as of the offer date.

The company strongly advises its shareholders to reject TRC Capital's offer, suggesting that those who have not yet responded should take no action.

For those who have already tendered their shares, the company emphasizes that withdrawals are possible any time before the offer's expiration on April 19, 2024.

ON Semiconductor highlights that mini-tender offers like this one may bypass many disclosure and procedural requirements, potentially putting investors at a disadvantage.

Consequently, the company encourages shareholders to consult with their financial advisors and exercise caution.