Coca-Cola Consolidated Announces Final Results of Tender Offer

Core Viewpoint - The Company has successfully completed a modified "Dutch auction" tender offer, purchasing a total of 14,391.5 shares of its Common Stock at a price of $925 per share, amounting to approximately $13.3 million [5][10]. Group 1: Tender Offer Details - The Company accepted all validly tendered shares in the tender offer, which represent about 0.2% of the total issued and outstanding shares as of June 18, 2024 [1][10]. - Following the tender offer, the Company plans to purchase additional shares from Carolina Coca-Cola Bottling Investments, Inc. (CCCBI) to ensure CCCBI owns 21.5% of the Company's outstanding shares post-repurchase, with an expected purchase of 598,619 shares for approximately $553.7 million [2]. Group 2: Future Share Repurchase Plans - The closing of the Share Repurchase from CCCBI is anticipated to occur on July 5, 2024, contingent upon the satisfaction or waiver of closing conditions [2]. - The Company may consider additional share repurchases in the future, depending on market conditions and other financial factors, but is restricted from repurchasing shares until July 5, 2024 [11]. Group 3: Company Overview - Coca-Cola Consolidated, Inc. is the largest Coca-Cola bottler in the United States, serving approximately 60 million consumers across 14 states and the District of Columbia with a diverse portfolio of beverages [8].