WestRock urges holders to reject mini-tender offer by TRC Capital
WestRock Company announced that it has received notification of an unsolicited "mini-tender" offer by TRC Capital Corporation to purchase up to 3,000,000 shares, or approximately 1.17% of the outstanding common stock of the company as of April 19, 2019. TRC Capital's offer price of $34.80 per share in cash is 4.58% less than the $36.47 closing price of the company's common stock on June 28, 2019, the last trading day before the mini-tender offer commenced, and 6.55% less than the $37.23 closing price of the company's common stock on July 2, 2019. The company said it does not endorse TRC Capital's mini-tender offer and recommends that stockholders do not tender their shares in response to the offer. The offer is at a price below the current market price for WestRock shares and is subject to numerous conditions, including, among others, that there has not been any decrease in the market price of the WestRock shares and that TRC Capital has received proceeds of debt financing sufficient, together with cash on hand, to consummate the offer. The company urges stockholders to obtain current market quotes for their shares, review the conditions to TRC Capital's mini-tender offer, consult with their brokers or financial advisors and exercise caution with respect to this mini-tender offer. The company is in no way associated with TRC Capital, the mini-tender offer or the offer documentation.