RALEIGH, NC, July 17, 2023–(BUSINESS WIRE)–Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America, that serves both professional installers 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, the 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 disclosures and procedural requirements under US federal securities laws and the rules and regulations of the US Securities and Exchange Commission (SEC). As a result, mini-tender offers do not provide investors with the same level of protection as provided by larger tender offers under the US 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 am, 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.
About Advance Auto Parts
Advance Auto Parts, Inc. is a leading automotive aftermarket parts provider that serves both professional installers and do-it-yourself customers. As of April 22, 2023 Advance operated 4,778 stores and 318 Worldpac branches primarily within the United States, with additional locations in Canada, Puerto Rico and the US Virgin Islands. The company also served 1,315 independently owned Carquest branded stores across these locations in addition to Mexico and various Caribbean islands. Additional information about Advance, including employment opportunities, customer services, and online shopping for parts, accessories and other offerings can be found at www.AdvanceAutoParts.com.
Certain statements herein are “forward-looking statements,” which are usually identifiable by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend, ” “likely,” “may,” “plan,” “position,” “possible,” “potential,” “probable,” “project,” “should,” “strategy,” “will,” or similar language. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, statements regarding the purpose, terms and effect of the mini tender offer by TRC. Forward-looking statements reflect our views based on historical results, current information and assumptions related to future developments. Except as may be required by law, we undertake no obligation to update any forward-looking statements made herein. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements. For a discussion of the risks, uncertainties and assumptions that could affect our future events, developments or results, please refer to “Item 1A. Risk Factors” of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ( “SEC”), as updated by our subsequent filings with the SEC, for a description of these and other risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements.
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