LEXINGTON, Ky., May 11, 2023 /PRNewswire/ -- Valvoline Inc. (NYSE: VVV), a trusted leader in preventive automotive maintenance delivering quick and convenient service, today announced that it has commenced a modified "Dutch auction" tender offer to repurchase up to $1.0 billion in value of shares of its common stock at a price not greater than $40.00 per share nor less than $35.00 per share, to the seller in cash, less any applicable withholding taxes and without interest, upon the terms and subject to the conditions set forth in the Offer to Purchase and Letter of Transmittal that are being distributed to stockholders (the "Offer"). If the Offer is fully subscribed, the number of shares to be purchased in the Offer represents approximately 15.08% to 17.23% of Valvoline's issued and outstanding shares as of May 5, 2023, depending on the purchase price payable for those shares pursuant to the Offer. At the maximum purchase price of $40.00 per share, the Offer would represent a premium of approximately 4% to the NYSE closing price of the shares on May 10, 2023 of $38.45 per share.