Coca-Cola Consolidated Announces Final Results of Tender Offer

About this update from Coca-cola Consolidated, Inc.

[{"type":"text","content":"CHARLOTTE, N.C., June 21, 2024 (GLOBE NEWSWIRE) -- Coca-Cola Consolidated, Inc. (NASDAQ: COKE) (the “Company”) announced today the final results of its modified “Dutch auction” tender offer, which expired at 5:00 p.m., New York City time, on June 18, 2024. Based on the final count by Equiniti Trust Company, LLC, the depositary for the tender offer, a total of 14,391.5 shares of the Company’s Common Stock were validly tendered and not validly withdrawn in the tender offer. In accordance with the terms and conditions of the tender offer, the Company has accepted for purchase 14,391.5 shares of its Common Stock at a price of $925 per share, for an aggregate cost of approximately $13.3 million, excluding fees and expenses relating to the tender offer. The Company accepted for purchase all of the shares that were validly tendered and not validly withdrawn in the tender offer. The shares accepted for purchase represent approximately 0.2% of the shares of Common Stock that were issued and outstanding as of June 18, 2024. As previously announced, the Company has agreed, following the completion of the tender offer, to purchase from Carolina Coca-Cola Bottling Investments, Inc. (“CCCBI”), an indirect wholly-owned subsidiary of The Coca-Cola Company, at the purchase price equal to the price paid by the Company in the tender offer, a number of shares of Common Stock such that CCCBI would beneficially own 21.5% of the Company’s outstanding shares of Common Stock immediately following the closing of the repurchase (calculated assuming all issued and outstanding shares of the Company’s Class B Common Stock are converted into Common Stock and taking into account the shares of Common Stock purchased in the tender offer) (the “Share Repurchase”). Based on the shares of Common Stock the Company accepted for purchase in the tender offer, the Company expects to purchase 598,619 shares of Common Stock from CCCBI in the Share Repurchase, for an aggregate purchase price of approximately $553.7 million. The closing of the Share Repurchase is expected to occur on July 5, 2024, the 11th business day after the expiration of the tender offer, subject to the satisfaction or waiver of the conditions to the closing. The Company may purchase additional shares in the future in the open market subject to market conditions, or in private transactions, exchange of...

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