LEXINGTON, Ky., June 13,
2023 /PRNewswire/ -- Valvoline Inc. (NYSE: VVV)
(the "Company"), a trusted leader in preventive automotive
maintenance delivering quick and convenient service, today
announced the final results of its modified "Dutch auction"
tender offer to repurchase up to $1.0
billion in value of shares of its common stock, which
expired at 12:00 midnight, at the end of the day, New York City time, on Thursday, June 8, 2023. Based on the final count
by Equiniti Trust Company ("Equiniti"), the depositary for the
tender offer, approximately 26,953,603 shares were properly
tendered and not properly withdrawn at or below the final purchase
price of $38.00 per share.
In accordance with the terms and conditions of the tender offer,
the Company has accepted for payment 26,953,603 shares at the final
purchase price of $38.00 per share,
for an aggregate purchase price of approximately $1.024 billion (excluding fees and expenses
relating to the tender offer). Included in the 26,953,603 shares
that the Company accepted for purchase are 637,814 shares that the
Company elected to purchase pursuant to its right to purchase up to
an additional 2% of its outstanding shares of common stock. As the
Company accepted for purchase all of the shares which were properly
tendered and not properly withdrawn at a price at or below
$38.00, there is no proration factor.
These shares represent approximately 16.3% of the Company's
issued and outstanding shares as of June 7,
2023.
Equiniti will promptly pay for the shares accepted for purchase
and will promptly return any other shares tendered and not
purchased.
The Dealer Managers for the Offer were BofA Securities, Inc.,
Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC. The
Information Agent for the Offer was Georgeson LLC.
About Valvoline Inc.
The Quick, Easy, Trusted name in preventive vehicle maintenance,
Valvoline Inc. (NYSE: VVV) leads the industry with automotive
service innovations that simplify consumers' lives. With an average
consumer rating of 4.6 out of 5 stars*, Valvoline Inc. has built
the model for transparency and convenience to take the worry out of
vehicle care. From its 15-minute, stay-in-your-car oil changes to
battery replacements and tire rotations, the Company's model offers
maintenance solutions for all types of vehicles. The Company
operates and franchises nearly 1,800 service center locations
through its Valvoline Instant Oil ChangeSM and Valvoline
Great Canadian Oil Change retail brands, and helps independent
operators grow their businesses through its nearly 300 Valvoline
Express Care locations in North
America. To learn more, or to find a Valvoline Inc. service
center near you, visit vioc.com.
TM Trademark, Valvoline Inc. or its
subsidiaries, registered in various countries
SM Service mark, Valvoline Inc. or its
subsidiaries, registered in various countries
* Based on a survey of more than 600,000
Valvoline Instant Oil Change customers annually
For Further Information
Investor Relations
Elizabeth B. Russell
+1 (859) 357-3155
ebrussell@valvoline.com
Media Relations
Michele Gaither Sparks
+1 (859) 230-8097
michele.sparks@valvoline.com
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SOURCE Valvoline Inc.