Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America, that serves both professional installer and do-it-yourself customers, has been notified that TRC Capital Investment Corporation (TRC) has made an unsolicited “mini-tender” offer to purchase up to 1,000,000 shares of Advance Auto Parts stock at $65.75 per share, or 4.43 percent below the closing price of the company’s stock on July 10, 2023, the last trading day before the date of the offer. As of today, TRC offer price is 6.9 percent below the closing price of the company’s stock on July 14, 2023.
Advance Auto Parts is in no way associated with TRC and expresses no opinion on TRC’s “mini-tender” offer.
Mini-tender offers seek to acquire less than five percent of a company’s outstanding shares, thereby avoiding many disclosure and procedural requirements under U.S. federal securities laws and the rules and regulations of the U.S. Securities and Exchange Commission (SEC). As a result, mini-tender offers do not provide investors with the same level of protections as provided by larger tender offers under the U.S. federal securities laws. The SEC’s tips for investors regarding mini-tender offers may be found at http://www.sec.gov/investor/pubs/minitend.htm.
Please be aware that shareholders are not required to respond to TRC’s offer. If considering the offer, shareholders should obtain current stock quotes for their shares of Advance Auto Parts, consult their financial advisors, and exercise caution with respect to TRC’s offer. The offer is set to expire at 12:01 a.m., Eastern Standard time, on August 9, 2023, however, TRC may extend the offer or terminate it before the expiration date.
Advance Auto Parts encourages broker-dealers and other market participants in the dissemination of the offer to review the SEC’s recommendations to broker-dealers in these circumstances, which can be found on the SEC website at http://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm. Advance Auto Parts requests that a copy of this news release be included with all distribution of materials related to TRC’s offer for shares of the company’s common stock.
