United Continental Holdings, Inc. Recommends Shareholders Reject "Mini-Tender" Offer by TRC Capital Corporation

United Continental Holdings, Inc. does not endorse TRC Capital's unsolicited mini-tender offer and recommends that shareholders not tender their shares.

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United Airlines

Nov 13, 2017, 16:00 ET

CHICAGO, Nov. 13, 2017 /PRNewswire/ -- United Continental Holdings, Inc. (UAL) today announced that it received notice of an unsolicited "mini-tender" offer by TRC Capital Corporation (TRC) to purchase up to 2,000,000 shares of UAL's common stock at a price of $57.00 per share in cash. The offering price is 4.44% below the closing price per share of UAL's common stock on November 3, 2017, the last trading day prior to the date of the offer. The offer is for approximately 0.68 percent of the outstanding shares of UAL common stock.

UAL does not endorse TRC Capital's unsolicited mini-tender offer and recommends that shareholders do not tender their shares. UAL is not affiliated or associated in any way with TRC Capital, its mini-tender offer or the mini-tender offer documentation.

TRC Capital has made many similar unsolicited mini-tender offers for shares of other public companies. Mini-tender offers seek to acquire less than 5 percent of a company's shares outstanding, thereby avoiding many disclosure and procedural requirements of the U.S. Securities and Exchange Commission (SEC) that apply to offers for more than 5 percent of a company's shares outstanding. As a result, mini-tender offers do not provide investors with the same level of protections as provided by larger tender offers mandated by U.S. securities laws.

The SEC has cautioned investors that some bidders making mini-tender offers at below-market prices are, "hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price." The SEC's guidance to investors on mini-tender offers is available at http://www.sec.gov/investor/pubs/minitend.htm.

Shareholders should obtain current market quotations for their shares, consult with their broker or financial advisor, and exercise caution with respect to TRC Capital's mini-tender offer. UAL recommends that shareholders who have not responded to TRC Capital's offer take no action. Shareholders who have already tendered their shares may withdraw them at any time prior to 12:01 a.m., New York City time, on December 6, 2017, in accordance with TRC's offering documents. TRC Capital may extend the offering period at its discretion.

UAL encourages brokers and dealers, as well as other market participants, to review the SEC's letter regarding broker-dealer mini-tender offer dissemination and disclosure at http://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.

UAL requests that a copy of this press release be included with all distributions of materials relating to TRC Capital's mini-tender offer related to UAL shares of common stock.

About United

United Airlines and United Express operate approximately 4,500 flights a day to 337 airports across five continents. In 2016, United and United Express operated more than 1.6 million flights carrying more than 143 million customers. United is proud to have the world's most comprehensive route network, including U.S. mainland hubs in Chicago, Denver, Houston, Los Angeles, Newark/New York, San Francisco and Washington, D.C. United operates 751 mainline aircraft and the airline's United Express carriers operate 489 regional aircraft. The airline is a founding member of Star Alliance, which provides service to more than 190 countries via 28 member airlines. For more information, visit united.com, follow @United on Twitter or connect on Facebook. The common stock of United's parent, United Continental Holdings, Inc., is traded on the NYSE under the symbol "UAL".

SOURCE United Airlines