AMD Recommends Rejection of "Mini-Tender" Offer from Tutanota LLC

[btarunr]

AMD (NASDAQ: AMD) was notified on March 27, 2024, of an unsolicited "mini-tender" offer by Tutanota LLC ("Tutanota"). Pursuant to the offer, which is dated March 18, 2024, Tutanota is offering to purchase up to 150,000 shares of AMD common stock at $200.00 per share, which represents approximately 0.009283% of AMD's outstanding shares. The offer price of $200.00 per share is conditioned on, among other things, the closing price per share of AMD common stock exceeding $200.00 per share on the last trading day before the offer expires. This means that unless this condition is waived by Tutanota, AMD stockholders who tender shares in the offer will receive a below-market price. Tutanota can extend the offer for successive periods of 45 to 180 days until the market price of AMD common stock exceeds the offer price, in which case payment would be delayed beyond the scheduled expiration date of Friday, April 19, 2024.

AMD does not in any way recommend or endorse the Tutanota offer because the offer requires that the closing price for AMD common stock exceed the offer price, and the offer price is subject to numerous additional conditions, including Tutanota obtaining financing for the offer. There is no guarantee the conditions of the offer will be satisfied. AMD is in no way associated with Tutanota, the "mini-tender" offer or the offer documentation. "Mini-tender" offers seek less than 5% of a company's outstanding shares thereby avoiding many procedural and disclosure requirements of the Securities and Exchange Commission ("SEC") because they are below the SEC's threshold to provide such disclosure and procedural protections for investors.



The SEC has issued an investor alert regarding "mini-tender" offers, noting that, "Some bidders make mini-tender offers at below-market prices, hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price." Investors are urged to consult with their broker or financial advisor on such matters. The SEC's advisory may be found at http://www.sec.gov/investor/pubs/minitend.htm.

AMD stockholders who have already tendered shares are advised that they may withdraw from the tender offer by providing the written notice described in the Tutanota offering documents prior to the expiration of the offer currently scheduled for 5:00 p.m. New York City time, on Friday, April 19, 2024, unless extended.

AMD requests that a copy of this news release be included with all distributions of materials related to Tutanota's offer for shares of AMD common stock.

View at TechPowerUp Main Site

 

[the54thvoid]

Seems they're not alone:

ASML cautions investors regarding Tutanota LLCs minitender offer

www.asml.com

ASML Holding NV (ASML) today announced that it recently became aware of an unsolicited “mini-tender” offer by Tutanota LLC to purchase up to 250,000 (two hundred and fifty thousand) of ASML’s ordinary shares, nominal value €0.09 per share, representing significantly less than 0.1% of ASML’s ordinary shares, at an offer price of $1,075 net per share.

Offering less than 0.1% the share price per share. I imagine they're spamming a lot of shareholders the same way.

 

[JasBC]

This reads so weird to as Tutanota is the name of a German encrypted email-service, which I used in the past. Throws me for a loop.

 

[nomdeplume]

This reads so weird to as Tutanota is the name of a German encrypted email-service, which I used in the past. Throws me for a loop.

They discretely changed their name to "Tuta" a few months back with new matching registered site name. I was a bit confused at first too since they don't present themselves as deeply involved in financial instruments.

 

[natr0n]

Mini tenders are basically chicken nuggets. I would accept that as payment if tasty.

 

[Denver]

it sounds like a scam.

 

[JasBC]

They discretely changed their name to "Tuta" a few months back with new matching registered site name. I was a bit confused at first too since they don't present themselves as deeply involved in financial instruments.

Reading the blogpost about the name-change and ofc they highlight "tuta" means "secure" in Latin and "experience" in Finnish - but they fail to mention it reads "warning signal" to us Northmen west of the Finns. . .

 

[ThrashZone]

Hi,
No worries they'll just put the cost on a credit card

 

[lemonadesoda]

it sounds like a scam.

... a legal rip-off of unsuspecting shareholders that might misunderstand the small print. Expect more of this.

If you search for Tutanova LLC Delaware, you will find they approach every listed company. It's obviously a rip-off game that works for them.

That Letter Offering to Buy Your Stock? Think Twice. (Published 2022)

Known as a “mini-tender,” the bid is usually for a price below market value. Such offers tend to fly under regulators’ radar.

www.nytimes.com

 

[nienorgt]

Wow, I'm grateful to learn that, I was thinking to use Tutanota, but can you trust a private email brand that play stupid scamming stuff in the shadows?

 

[Halo3Addict]

Wow, I'm grateful to learn that, I was thinking to use Tutanota, but can you trust a private email brand that play stupid scamming stuff in the shadows?

As far as I understand, these are not the same companies and are unrelated to one another. I've been using Tuta for about a year now and can recommend them.

 

[nomdeplume]

Reading the blogpost about the name-change and ofc they highlight "tuta" means "secure" in Latin and "experience" in Finnish - but they fail to mention it reads "warning signal" to us Northmen west of Finns. . .

Interpretations vary takes on new relevance here.

For most of the unwashed masses lacking competence in any of the above languages it would probably be interpreted as yet another nonsensical corporate brand misspelling someone else didn't alreadly lay claim to.

 

[thesmokingman]

Another shit offer for the unaware.