HOUSTON, June 13, 2019 (GLOBE NEWSWIRE) — Riviera Resources, Inc. (OTCQX: RVRA) (“Riviera” or the “Company”) today announced it intends to commence a tender offer to purchase for cash up to an aggregate of $40 million of shares of its common stock at a premium to current market price no later than the end of this month. The Company intends to use a portion of its cash on hand to fund the tender offer.
“We remain relentlessly focused on our commitment to continue to use cash on hand, free cash flow, and opportunistic asset monetizations to return capital to shareholders. We continue to believe the sum-of-the-parts value of our assets is not fully appreciated by the market, and for that reason, believe a tender offer would be an optimal use of cash proceeds and consistent with our strategy of maximizing value for our shareholders,” said David Rottino, President and Chief Executive Officer.
IMPORTANT INFORMATION ABOUT PROPOSED TENDER OFFER
The discussion of the proposed tender offer in this press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares. Any tender offer will be made only pursuant to an Offer to Purchase, the related Letter of Transmittal, and other related materials mailed or otherwise delivered to stockholders. Stockholders and investors are urged to read the Company’s tender offer statement on Schedule TO that will be filed contemporaneously with the Securities and Exchange Commission (the “SEC”) in connection with the tender offer, which will include as exhibits the Offer to Purchase, the related Letter of Transmittal and other offer materials, as well as any amendments or supplements to the Schedule TO when they become available, because they contain important information. Each of these documents will be filed with the SEC, and investors may obtain them for free from the SEC at its website (www.sec.gov) or from the Company’s information agent for the tender offer.