PayPal Holdings, Inc. (NASDAQ:PYPL) has received an unsolicited mini-tender offer from TRC Capital Corporation (TRC) for the purchase of up to three million shares of its common stock at a price of $32.80 per share in cash, according to a PayPal statement.

PayPal promptly rejected TRC Capital’s offer and called for shareholders to not tender their shares at the price of $32.80. At the time of writing, PayPal Holdings, Inc. (NASDAQ:PYPL) are currently trading at $33.91, which is 3.4% above the mini-tender offer pitched to the payments provider – the original offer was made back on September 9, 2015.

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Mini-tender offers differ from full acquisition offers in that they are not subject to a number of investor protections seen in the latter instances. This includes the filing of disclosure and other tender offer documents with the Securities and Exchange Commission (SEC) and other procedures mandated by US regulatory laws. In recent years, the SEC has cautioned against mini-tender offers in a bid to dupe investors looking to offload shares irrespective of current market conditions.

Last month, PayPal Holdings (Nasdaq: PYPL) appointed John D. Rainey as its Chief Financial Officer (CFO). Mr. Rainey has since helped lead PayPal’s financial operations, regional finance teams, and investor relations.