Target Corp., on a day it addressed an unsolicited offer for up to 1.5 million common stock shares, provided details about its plans for its pre-holiday Circle Week promotion, set to run October 5-11 and include several home products.
The Circle Week event will include deeper-than-ever discounts on Deal of the Day items available to all Target Circle members, the company stated. Besides bargains available to participants in the free-to-join Target Circle loyalty program, the company is offering early access to the event for members of its paid Target Circle 360 program. Members of the paid program also get a new in-store experience with exclusive giveaways and other surprise-only-at-Target product drops and ways to earn loyalty rewards ahead of the holidays, Target noted. First-chance online product drops for Circle 360 members include Nintendo gaming accessories in a Target-exclusive color and Shea McGee holiday ornaments.
Target Circle Week highlights include Deal of the Day offers starting at 40% off or more, with at least three new discounts revealed daily, including deals on national brands such as Bissell, GE and Apple, according to the company. In addition, shoppers will find up to 50% off kitchen appliances and floorcare, up to 40% off storage and up to 30% off bedding. As a Halloween season perk, Target will offer up to 40% off Halloween costumes, as well as buy-one-get-one-50%-off trick-or-treat candy.
“Target Circle Week is more than just another sale. It’s the kickoff to holiday shopping with savings on the styles, trends and essentials guests love to find at Target,” said Cara Sylvester, Target executive vice president and chief guest experience officer. “This event gives guests the chance to stock up for Halloween, start crossing holiday gifts off their lists and enjoy the season stress-free with a dose of Target’s holiday magic and incredible value.”
As it announced Circle Week details, Target reported it had received notice of an unsolicited mini-tender offer by TRC Capital Corp. to purchase up to 1.5 million shares of Target common stock at a price of $89 per share in cash without interest. The offer would account for 0.33% of the outstanding shares, Target maintained.
Target emphasized it is not affiliated with TRC Capital, does not endorse the unsolicited mini-tender offer and does not associate with the investor or its mini-tender offer.
Target went on to assert that, although it would express no opinion of TRC Capital’s offer, it encourages shareholders to obtain current market quotations for their shares of Target common stock, consult with their brokers or financial advisors, review the terms and conditions of TRC Capital’s offer, and exercise caution with respect to the offer.
Target added TRC Capital has made similar unsolicited mini-tender offers for shares of other public companies in the past. Mini-tenders seek less than 5% of a company’s outstanding shares to avoid some protections including disclosure and procedural requirements applicable to other offers, Target pointed out.
