Southwest Airlines shareholders receive mini-tender offer from TRC

Southwest Airlines Co. (NYSE: LUV) has received notice of an unsolicited mini-tender offer by TRC Capital Corporation (TRC Capital) to purchase up to 2,500,000 shares, or approximately 0.4 percent of the outstanding shares, of Southwest´s common stock at a price of USD38.63 per share, the company said.

The company said the offer price is 4.33 percent below the closing price per share of Southwest´s common stock on November 4, 2016, the last trading day before the offer commenced.

Southwest said it does not endorse TRC Capital´s unsolicited mini-tender offer and is not associated with TRC Capital, its mini-tender offer, or the mini-tender offer documents. Because TRC Capital´s offer price is at a price below the current market price, Southwest recommends shareholders not tender their shares (i.e., take no action) or, if they have already tendered shares, withdraw their shares by providing the written notice described in the TRC Capital mini-tender offer documents prior to the expiration of the offer.

Dallas-based Southwest Airlines (NYSE: LUV) operates more than 3,900 departures a day during peak travel season across a network of 98 destinations in the United States and seven additional countries with service to Varadero, Cuba beginning Nov. 13, 2016, and to Havana, Cuba, beginning Dec. 12, 2016, both routes subject to governmental approvals.