BALL CORPORATION RECOMMENDS REJECTION OF BELOW-MARKET MINI PUBLIC OFFERING BY TRC CAPITAL CORPORATION

Multinational Ball Corporation has received notice of an unsolicited mini-tender offer from TRC Capital Corporation (TRC) to purchase up to 2,000,000 shares of Ball common stock, representing approximately 63% of the company’s outstanding shares. TRC’s offer price of $70.50 per share in cash is approximately 2.9% lower than the closing price of $72.51 for Ball common stock on June 2, 2022, the last closing price prior to the commencement of the offering.

In addition, the multinational Ball Corporation does not recommend or endorse TRC’s unsolicited below-market mini-tender offer and recommends that shareholders not tender their shares because the offer is priced significantly below the current market price of Ball’s common stock. Ball is not affiliated or associated in any way with TRC, its mini-tender offer or the mini-tender offer documentation.

The company urges shareholders to obtain current market quotations for their shares, consult with their broker or financial advisor and exercise caution with respect to TRC’s mini-tender offer. Ball recommends that shareholders who have not responded to TRC’s offer take no action. Ball also recommends that shareholders who have already tendered their shares withdraw those shares in accordance with TRC’s offering documents prior to the expiration of the offering.

 

TRC has conducted similar below-market mini-tender offers for shares of other companies. Mini-bid offerings are designed to seek less than 5% of a company’s shares, thus avoiding many filing, disclosure and Securities and Exchange Commission (SEC) procedures requirements.

 

The SEC has warned investors that some bidders who make mini-bid offers at below-market prices “hope to catch investors off guard if they do not compare the offer price to the current market price.