Summary by Moomoo AI
Bristol-Myers Squibb Company (BMY) has issued a warning to its stockholders regarding an unsolicited mini-tender offer by Tutanota LLC to purchase up to 500,000 shares of BMY's common stock at $55.00 per share. This offer represents less than 0.025% of the company's outstanding common stock as of February 6, 2024. On February 14, 2024, BMY released a press statement advising shareholders to reject the offer, which is below the current market price and subject to numerous conditions, including Tutanota obtaining financing. The company emphasized that the offer is not endorsed by BMY and recommended that stockholders who have already tendered shares withdraw them before the offer's expiration at 5:00 p.m. ET on February 23, 2024. BMY also highlighted the risks associated with mini-tender offers, which are for less than 5% of a company's shares and are not subject to the same SEC disclosure and procedural requirements as larger tender offers.