Investors in TD Bank Group (NYSE:TD) were jolted on Friday by the news of an unsolicited mini-tender offer from TRC Capital Investment. The offer entails TRC Capital Investment seeking to acquire up to 1.5 million common shares of TD at a price of C$78.38 per share in cash, representing a potential discount of 4.3% compared to the closing share price of C$81.90 on January 10, 2024.

Despite the allure of the offer, TD Bank Group has communicated its lack of endorsement for the unsolicited mini-tender offer by TRC Capital Investment.

For investors, this unsolicited overture could herald potential turbulence in the near future.