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AbbVie (NYSE:ABBV) has been notified that Tutanota LLC (Tutanota) has commenced an unsolicited "mini-tender" offer, dated May 28, 2024, to purchase up to 250,000 shares of AbbVie common stock at $165.00 per share in cash (Offer Price).
This offer is conditioned on, among other things, the closing price per share of AbbVie's common stock exceeding the Offer Price on the last full trading day prior to the expiration date of the offer. Tutanota also states in its offer documents that it expects to extend the offer for successive periods of 45 to 180 days until the market price of AbbVie's common stock exceeds the Offer Price. This means that AbbVie shareholders who tender their shares in the offer will receive a below-market price if the offer conditions are satisfied and their shares are accepted in the offer. There is no guarantee that the conditions of the offer will be satisfied.
Posted In: ABBV
