DNY59 AbbVie ( NYSE: ABBV ) is urging shareholders to reject an unsolicited "mini-tender" offer from Tutanota to purchase up to 250,000 shares of its common stock at $165.00 per share. The offer was made on May 28 and expires on June 28.
AbbVie noted that the offer is contingent on the closing price of common shares surpassing the offer price on June 27. In addition, Tutanota offer documents state the firm intends to extend the offer period for periods of 45 to 180 days until the market price exceeds the offer price. AbbVie (ABBV) warned that if shareholders tender shares and the offer conditions are satisfied, they will get a below-market price for their shares.
Shares closed Friday at $168.60. More on AbbVie AbbVie, Inc.
(ABBV) Goldman Sachs 45th Annual Global Healthcare Conference (Transcript) AbbVie: Turnaround Lurking After The Correction Pain (Upgrade) AbbVie: This Dividend Aristocrat Is Almost Buyable Again Now AbbVie inks licensing pact for bowel disorder therapy Cerevel Therapeutics gains after AbbVie says making good progress with FTC.