SEATTLE--(BUSINESS WIRE)--May 4, 2016--
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160504006837/en/
Source: Starbucks Corporation
Starbucks Corporation
Investor Relations:
Durga
Doraisamy, 206-318-7118
investorrelations@starbucks.com
or
Media:
Alisha
Damodaran, 206-318-7100
press@starbucks.com