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8-K: Bank of America Recommends Shareholders Reject “Mini-Tender” Offer by Tutanota LLC

SEC announcement ·  May 10 16:45
Summary by Moomoo AI
On May 10, 2024, Bank of America Corporation issued a press release advising shareholders to reject an unsolicited mini-tender offer from Tutanota LLC. Tutanota proposed to acquire up to 1,000,000 shares of Bank of America's common stock at $40.00 per share, contingent on the stock's closing price being above $40.00 on the last trading day before the offer's expiration. The offer, representing a mere 0.01% of the outstanding common stock, is set to expire on May 31, 2024, at 5:00 p.m. NYC time, unless extended. Bank of America has clarified that it is not associated with Tutanota or its offer and has recommended that shareholders do not tender their shares, citing the offer's below-market price and numerous conditions, including Tutanota's need...Show More
On May 10, 2024, Bank of America Corporation issued a press release advising shareholders to reject an unsolicited mini-tender offer from Tutanota LLC. Tutanota proposed to acquire up to 1,000,000 shares of Bank of America's common stock at $40.00 per share, contingent on the stock's closing price being above $40.00 on the last trading day before the offer's expiration. The offer, representing a mere 0.01% of the outstanding common stock, is set to expire on May 31, 2024, at 5:00 p.m. NYC time, unless extended. Bank of America has clarified that it is not associated with Tutanota or its offer and has recommended that shareholders do not tender their shares, citing the offer's below-market price and numerous conditions, including Tutanota's need to secure financing. Shareholders who have already tendered shares have the option to withdraw them at any time before the offer expires. The SEC has previously issued warnings about the potential risks associated with mini-tender offers, which are not subject to the same regulations as larger bids due to their smaller size.

This announcement is a separate document:

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