FINDLAY,
Ohio, Jan. 4, 2023 /PRNewswire/ -- Marathon
Petroleum Corp. (NYSE: MPC) has received notification of an
unsolicited mini-tender offer by TRC Capital Investment Corp. (TRC)
to purchase up to 1,500,000 shares, which is less than 1% of MPC's
outstanding common stock, at a price of $105.00 per share in cash. TRC's offer price is
approximately 4.33% lower than the closing price of MPC's common
stock on December 16, 2022, the last
trading day prior to its stated commencement of the offer.
MPC is not associated in any way with TRC or its mini-tender
offer. MPC recommends that shareholders not tender their shares in
response to TRC's unsolicited offer because the price of
$105.00 is below the current market
price for MPC's shares.
TRC has made similar mini-tender offers for shares of other
companies. Mini-tender offers, such as this one by TRC, avoid many
of the investor protections afforded by larger tender offers,
including the filing of disclosure and other tender offer documents
with the U.S. Securities and Exchange Commission (SEC) and other
procedures mandated by U.S. securities laws.
The SEC has issued "Tips for Investors" regarding mini-tender
offers, noting that some bidders, in making the 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." The SEC advisory may be found on the SEC
website at http://www.sec.gov/investor/pubs/minitend.htm.
MPC urges shareholders to obtain current market quotations for
their shares of common stock, to consult their broker or financial
advisor and to exercise caution with respect to TRC's mini-tender
offer.
MPC requests that a copy of this news release be included with
all distributions of materials relating to TRC's mini-tender
offer.
About Marathon Petroleum Corporation
MPC is a leading, integrated, downstream energy company
headquartered in Findlay, Ohio.
The company operates the nation's largest refining system. MPC's
marketing system includes branded locations across the United States, including Marathon brand
retail outlets. MPC also owns the general partner and majority
limited partner interest in MPLX LP, a midstream company that owns
and operates gathering, processing, and fractionation assets, as
well as crude oil and light product transportation and logistics
infrastructure. More information is available at
www.marathonpetroleum.com.
Investor Relations Contacts: (419)
421-2071
Kristina
Kazarian, Vice President
Brian Worthington, Manager
Kenan Kinsey, Analyst
Media Contact: (419) 421-3312
Jamal Kheiry,
Communications Manager
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SOURCE Marathon Petroleum Corporation