Coca-Cola Consolidated announces preliminary results of tender offer

Coca-Cola Consolidated announced the preliminary 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 preliminary count by Equiniti Trust Company, LLC, the depositary for the tender offer, a total of 14,392.5 shares of the Company’s Common Stock were validly tendered and not validly withdrawn at or below the purchase price of $925 per share. In accordance with the terms and conditions of the tender offer, and based on the preliminary count by the Depositary, the Company expects to accept for payment a total of 14,392.5 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 The Company expects to accept for purchase all of the shares that were validly tendered and not validly withdrawn at or below the purchase price of $925 per share, without the need for proration. The shares expected to be accepted for payment 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, 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. Based on the shares of Common Stock the Company expects to accept for payment 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.