Netflix Pushes Back On TRC Capital’s Mini-Tender Bid At Below-Market Price

TRC is looking to purchase 1.25 million shares of Netflix common stock at a price of $91 per share in cash.

• Netflix said that TRC’s offer price is below the current market price for shares of Netflix common stock.
• The company highlighted that shareholders who have already tendered their shares may withdraw them before the expiration of the offer.
• The tender offer is for less than 0.03% of the shares of Netflix common stock outstanding as of December 3, 2025.

Netflix, Inc (NFLX) on Wednesday recommended that its shareholders reject an unsolicited mini-tender offer by TRC Capital Investment Corporation to purchase up to 1.25 million shares of the company’s common stock.

TRC is looking to purchase Netflix common stock at a price of $91 per share in cash. This represents a discount of about 3% from the stock’s closing price on Tuesday.

Netflix said in a statement on Wednesday that the tender offer is for less than 0.03% of the shares of Netflix common stock outstanding as of December 3, 2025.

The company said that TRC’s offer price is below the current market price for shares of Netflix common stock and subject to numerous conditions. It also highlighted that the U.S. Securities and Exchange Commission has cautioned about mini tender offers designed to seek less than 5% of a company’s outstanding shares and highlighted that shareholders who have already tendered their shares may withdraw them before the expiration of the offer.

NFLX shares traded 0.4% lower at the time of writing.

Where Does The Netflix- Warner Bros Deal Stand?

Earlier this month, Netflix and Warner Bros. Discovery entered a definitive agreement under which Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO for $27.75 per WBD share. The transaction is expected to close after the previously announced separation of WBD's Global Networks division, Discovery Global, into a new publicly-traded company, which is now expected to be completed in the third quarter of 2026.

Though Paramount Skydance Corporation (PSKY) launched an unsolicited offer for Warner Bros after it inked the deal with Netflix, WBD Board urged its shareholder to approve the merger with Netflix terming it “more certain” and a “superior alternative” for its stockholders.

How Did Stocktwits Users React?

On Stocktwits, retail sentiment around NFLX stayed within the ‘bearish’ territory over the past 24 hours, while message volume fell from ‘normal’ to ‘low’ levels.

A Stocktwits user expressed anticipation for the company’s fourth quarter earnings slated for Jan. 20 and said that it will dictate share price.

Another resounded the sentiment, opining that investors must buy the dip as the stock drops until mid-January.

NFLX shares have risen by about 5% this year. 

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