DALLAS, Nov. 10, 2016 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) announced today that it received notice of an unsolicited "mini-tender" offer by TRC Capital Corporation (TRC Capital) to purchase up to 2,500,000 shares, or approximately 0.4 percent of the outstanding shares, of Southwest's common stock at a price of $38.63 per share. The offer price is 4.33 percent below the closing price per share of Southwest's common stock on November 4, 2016, the last trading day before the offer was commenced. TRC Capital may terminate or amend its offer if certain conditions occur, including any decrease in the market price of Southwest's common stock from the price on the date of the offer. Southwest does not endorse TRC Capital's unsolicited mini-tender offer and is not associated with TRC Capital, its mini-tender offer, or the mini-tender offer documents. Because TRC Capital's offer price is at a price below the current market price, Southwest recommends that Shareholders not tender their shares (i.e., take no action) or, if they have already tendered shares, withdraw their shares by providing the written notice described in the TRC Capital mini-tender offer documents prior to the expiration of the offer, currently scheduled for 12:01 a.m., New York City time, on Wednesday, December 7, 2016. Mini-tender offers, such as this one, are third-party offers that seek to acquire less than 5 percent of a company's outstanding shares. These offers typically do not provide the same investor protections required of larger tender offers, including the filing of disclosure documents with the Securities and Exchange Commission (SEC) and other procedures required by U.S. securities laws. The SEC has cautioned investors that "some bidders make mini-tender offers at below-market prices, 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. TRC Capital has made many similar unsolicited mini-tender offers for shares of other public companies. 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. Southwest 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. Southwest 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 shares of Southwest's common stock.