Freeport-McMoRan recommends rejection of below-market mini-tender offer

Freeport-McMoRan “has been notified by TRC Capital Investment that it is making an unsolicited “mini-tender” offer to FCX shareholders to purchase up to 3,000,000 shares of FCX’s common stock at a current below-market price of $32.20 per share. TRC’s offer price is approximately 4.4% below the $33.69 per share closing price of FCX’s common stock on November 10, 2023, the last trading day prior to the date of the offer, and approximately 10% below the $35.54 per share closing price of FCX’s common stock on November 16, 2023. FCX recommends that shareholders not tender their shares. FCX recommends that shareholders who have not responded to TRC’s offer take no action. According to TRC’s current offer documents, FCX shareholders who tender shares may withdraw their shares at any time prior to 12:01 a.m. New York City time on December 13, 2023, by following the procedures described in the offer documents.”