Industry News | September 25, 2006

Sonic Increases Purchase Price

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Sonic Corp.today announced that it is increasing the purchase price and decreasing the number of shares sought in its previously announced modified "Dutch Auction" tender offer for shares of its common stock. Sonic is now offering to purchase up to 24,347,826 shares of its common stock at a price per share not less than $19.50 and not greater than $23.00.

Previously, Sonic offered to purchase up to 25,454,545 shares of its common stock at a price per share not less than $19.50 and not greater than $22.00. The maximum aggregate purchase price remains the same at $560 million. In addition, Sonic is extending the tender offer period from 5:00 p.m., Eastern Time on September 22, 2006, until 12:00 midnight on October 6, 2006.

All stockholders will be receiving a new Letter of Transmittal. Stockholders who have already tendered shares and indicated that they would accept the final price determined by Sonic in the tender offer, and who do not wish to change that direction, do not need to take any action in response to the extension. Stockholders who have already tendered shares at a specified price must deliver a new Letter of Transmittal to the Depositary.

A total of 5,185,442 shares of common stock have been deposited under the tender offer, including shares subject to guaranteed delivery.

None of Sonic's management, its Board of Directors, the dealer managers, the information agent or the depository is making any recommendation to stockholders as to whether to tender or refrain from tendering their shares in the tender offer. Stockholders must decide how many shares they will tender, if any, and the price within the stated range at which they will tender their shares.

The information agent for the tender offer is Georgeson Inc. and the depository is UMB Bank, N.A. Stockholders with questions or who would like additional copies of the tender offer documents may call the information agent at (866) 295-3782. Banks and brokers may call (212) 440-9800.