Marathon Petroleum has begun a “modified Dutch auction” tender offer to purchase up to $4bn of shares of its common stock at a price not greater than $63.00 and not less than $56.00 per share.
A “modified Dutch auction” allows shareholders to select the price, within a price range specified by MPC, and the number of shares they are willing to sell at that price.
MPC intends to fund the purchase of the shares with a portion of the after-tax proceeds from the sale of Speedway, a retail transport fuel and convenience store business, to 7-Eleven, which completed on May 14, 2021. The offer is being made under MPC’s previously announced $10bn share repurchase authorization. For more information visit: www.marathonpetroleum.com