Valero Energy Corp. recommended its stockholders reject an unsolicited “mini-tender” offer by TRC Capital to purchase up to 5 million shares of Valero common stock for $16.55 per share.

TRC’s offer price represents a 4.22 percent discount below the closing price of Valero’s common stock on the New York Stock Exchange on Nov. 10, the date of the offer. The offer is for less than 1 percent of Valero’s outstanding shares of common stock.

“Valero recommends that stockholders do not tender their shares of Valero stock in response to TRC’s unsolicited mini-tender because the offer price is below the current market price of Valero’s common stock,” the news release read.