MEMPHIS, Tennessee — International Paper announced that it has received notice of an unsolicited mini-tender offer by TRC Capital Investment Corporation to purchase up to 3,000,000 shares of IP common stock from International Paper shareholders. The offer represents approximately 0.86 % of International Paper’s shares of common stock outstanding. TRC Capital’s offer price of $30.67 per share is approximately 4.51% lower than the $32.12 closing price of IP common stock on the NYSE on May 9, 2023. IP does not endorse TRC Capital’s unsolicited mini-tender offer and recommends that shareholders do not tender their shares in response. …TRC Capital has made similar unsolicited mini-tender offers for shares of other companies. …New mini-tender offers, such as this one, seek to acquire less than 5% of a company’s shares outstanding, thereby avoiding many disclosure and procedural requirements.