Advance Auto Parts expresses no opinion on TRC’s ‘mini-tender’ offer

Advance Auto Parts has been notified that TRC Capital Investment Corporation 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. 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.