Starbucks Recommends Shareholders Reject “Mini-Tender” Offer by TRC Capital Corporation
May 04 2016 - 4:54PM
Business Wire
Starbucks Corporation (NASDAQ: SBUX) today announced that
it received notice of an unsolicited “mini-tender” offer by TRC
Capital Corporation (TRC Capital) to purchase up to 2 million
shares of Starbucks common stock at a price of $54.38 per share in
cash. The offering price is 4.43 percent below the closing price
per share of Starbucks common stock on April 27, 2016, the last
trading day prior to the commencement of the offer. The offer is
for approximately 0.14 percent of the outstanding shares of
Starbucks common stock.
Starbucks does not endorse TRC Capital’s unsolicited mini-tender
offer and recommends that shareholders do not tender their shares.
Starbucks is not associated with TRC Capital, its mini-tender offer
or the mini-tender offer documentation.
Mini-tender offers are not subject to many of the investor
protections afforded to larger tender offers, including the filing
of disclosure and other tender offer documents with the Securities
and Exchange Commission (SEC) and other procedures mandated by U.S.
securities laws.
The SEC has cautioned investors that some bidders making
mini-tender offers at below-market prices are “…hoping that they
will catch investors off guard if the investors do not compare the
offer price to the current market price.” More on the SEC’s
guidance to investors on mini-tender offers is available at
www.sec.gov/investor/pubs/minitend.htm. TRC Capital has made many
similar unsolicited mini-tender offers for shares of other public
companies.
Shareholders should obtain current market quotations for their
shares, consult with their broker or financial advisor, and
exercise caution with respect to TRC Capital’s mini-tender offer.
Starbucks recommends that shareholders who have not responded to
TRC Capital’s offer take no action. Shareholders who have already
tendered their shares may withdraw them at any time prior to 12:01
a.m., New York City time, on Friday, May 27, 2016, in accordance
with TRC Capital’s offering documents.
Starbucks encourages brokers and dealers, as well as other
market participants, to review the SEC’s letter regarding
broker-dealer mini-tender offer dissemination and disclosure at
www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.
Starbucks requests that a copy of this news release be included
with all distributions of materials relating to TRC Capital’s
mini-tender offer related to Starbucks shares of common stock.
About Starbucks
Since 1971, Starbucks Coffee Company has been
committed to ethically sourcing and roasting
high-quality arabica coffee. Today, with stores around
the globe, the company is the premier roaster and retailer of
specialty coffee in the world. Through our unwavering commitment to
excellence and our guiding principles, we bring the
unique Starbucks Experience to life for every
customer through every cup. To share in the experience, please
visit us in our stores or online
at news.starbucks.com or www.starbucks.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160504006837/en/
Starbucks CorporationInvestor Relations:Durga Doraisamy,
206-318-7118investorrelations@starbucks.comorMedia:Alisha
Damodaran, 206-318-7100press@starbucks.com
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