Industry News | July 3, 2008

Dr Pepper Snapple Group Declines to Endorse Offer

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Dr Pepper Snapple Group, Inc. (NYSE: DPS) announced today that it has been notified of an unsolicited "mini-tender offer" by TRC Capital Corporation to purchase up to 4,000,000 shares of DPS' common stock, representing approximately 1.58 percent of DPS' outstanding shares. TRC Capital's offer price of $20.00 represents a 4.67 percent discount to the closing price of DPS' stock on June 30, 2008 ($20.98), the day prior to the date of the offer.

DPS does not recommend or endorse TRC Capital's unsolicited mini-tender offer. Mini-tender offers such as this one avoid many of the investor protections afforded for larger tender offers, including the filing of disclosure and other tender offer documents with the Securities and Exchange Commission (SEC) and other procedures required by United States securities laws. DPS is not associated with TRC Capital Corporation, its mini-tender offer or the offer documentation. DPS strongly urges investors to obtain current market quotations for their shares of DPS common stock, to consult with their financial advisors and to exercise caution with respect to TRC Capital's offer.

DPS is one of a number of different companies that TRC has targeted for a mini-tender offer. The SEC has issued an investor alert regarding these mini-tender offers. The SEC has noted that, in making the offers at below-market prices, bidders are "hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price."

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