Coterra Energy urges stockholders to reject TRC ‘mini-tender’ offer

Coterra Energy announced that it has received notice of an unsolicited “mini-tender” offer by TRC Capital Investment Corporation to purchase up to 4,000,000 shares of Coterra’s common stock, or approximately 0.5% of Coterra’s outstanding shares, at an offer price of $25.50 per share. TRC Capital’s offer price of $25.50 per share is approximately 4.5% lower than the $26.71 closing price of Coterra’s common stock on the NYSE on July 21, 2023. Coterra does not endorse TRC Capital’s unsolicited mini-tender offer and recommends that stockholders do not tender their shares in response to TRC Capital’s offer because the offer is at a price that is significantly below the current market value of Coterra’s common stock. Coterra urges stockholders who have not responded to TRC Capital’s mini-tender offer to take no action. Any stockholders who tender (or have already tendered) their shares may withdraw them at any time prior to the expiration of the offer, currently scheduled for 12:01 a.m., New York City time, on August 22, 2023, by providing written notice in accordance with the TRC Capital mini-tender offer documents. Stockholders are encouraged to carefully review the “Withdrawal Rights” section of the TRC Capital mini-tender offer documents.