Murphy Oil Corporation Recommends Rejection of TRC Capital’s ‘Mini-Tender’ Offer
Murphy does not endorse TRC’s offer and recommends that shareholders reject the offer and not tender their shares. This mini-tender offer is at a price below the current market price and is subject to numerous conditions. Murphy is not associated in any way with TRC, its mini-tender offer or the offer documentation.
TRC may terminate or amend its offer if, among other things, the market price of Murphy stock declines, or if TRC fails to obtain financing necessary to consummate the offer on terms satisfactory to TRC.
Murphy urges investors to obtain current market quotations for their shares, review the conditions to the offer, consult with their broker or financial advisor and exercise caution with respect to TRC’s mini-tender offer.
Murphy shareholders who have already tendered are advised that, as described in TRC’s Offer to Purchase document, they may withdraw their shares prior to the expiration of the offer, which is currently scheduled at
Mini-tender offers are designed to seek to acquire less than 5 percent of a company’s outstanding shares, thereby avoiding many disclosure and procedural requirements of the
On its website, the
Murphy encourages brokers and dealers, as well as other market participants, to review the SEC’s letter regarding broker-dealer mini-tender offer dissemination and disclosures at www.sec.gov/divisions/marketreg/minitenders/sia072401.htm and the information memo from the
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management’s current views concerning future events or results, are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements include, but are not limited to, the volatility and level of crude oil and natural gas prices, the level and success rate of our exploration programs, our ability to maintain production rates and replace reserves, political and regulatory instability, and uncontrollable natural hazards. For further discussion of risk factors, see Murphy’s 2012 Annual Report on Form 10-K on file with the
Source:
Murphy Oil Corporation
Barry Jeffery, 870-864-6501