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FINDLAY, Ohio, Feb 24, 2012 - (ACN Newswire) - Marathon Petroleum Corporation (NYSE: MPC) has received notification of an unsolicited mini-tender offer by TRC Capital Corporation (TRC Capital) to purchase up to 2,000,000 shares (approximately 0.58 percent) of MPC's outstanding common stock at a price of $41.50 per share. The offer price was 4.47 percent below the closing price on February 17, 2012, the day prior to the offer.
MPC does not endorse TRC Capital's tender offer and recommends that shareholders do not tender their shares. MPC is not associated with TRC Capital, this unsolicited tender offer or the documentation related to this offer.
The Securities and Exchange Commission (SEC) has cautioned investors about tender offers of this type, so-called "mini-tender offers," noting that "some bidders make mini-tender offers at below-market prices, hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price." The SEC's Investor Tips regarding mini-tender offers may be found on the SEC's website at www.sec.gov/investor/pubs/minitend.htm . MPC encourages shareholders to review this Investor Tip as well as the information concerning mini-tender offers found at www.sec.gov/divisions/marketreg/minitenders/sia072401.htm , as tender offers for less than 5 percent of a company's stock typically do not provide the same disclosure and procedural protections that larger tender offers provide.
MPC encourages shareholders who are considering this offer to consult with their financial advisor prior to making an investment decision and to exercise caution with respect to this offer.
About Marathon Petroleum Corporation
MPC is the nation's fifth-largest refiner with a crude capacity of approximately 1.2 million barrels per day in its six-refinery system. Marathon brand gasoline is sold through more than 5,000 independently owned locations across 18 states. In addition, Speedway LLC, an MPC subsidiary, owns and operates the nation's fourth largest convenience store chain, with approximately 1,375 locations in seven states. MPC also owns, operates, leases or has ownership interest in approximately 9,400 miles of pipeline. MPC's fully integrated system provides operational flexibility to move crude oil, feedstocks and petroleum-related products efficiently through the company's distribution network in the Midwest, Southeast and Gulf Coast regions. For additional information about the company, please visit our website at www.marathonpetroleum.com .
Investor Relations Contacts:
Pamela Beall +1-419-429-5640
Beth Hunter +1-419-421-2559
Media Contacts:
Angelia Graves +1-419-421-2703
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Marathon Petroleum Company via Thomson Reuters ONE
Copyright (c) Thomson Reuters 2012. All rights reserved.
Topic: Legal Action
Source: Marathon Petroleum Corporation
https://www.acnnewswire.com
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