Alphabet Says It Doesn't Endorse Mini Tender Offer by Tutanota

By Colin Kellaher

Google parent Alphabet is the latest target of a below-market mini tender offer by private investment company Tutanota.

Alphabet on Wednesday said it received notice of Tutanota's unsolicited offer to buy up to 400,000 shares at $180 apiece, which is below the Mountain View, Calif., company's recent trading price of $185.44.

Alphabet said it doesn't endorse Tutanota's offer, which represents less than 0.01% of its shares outstanding, and that it isn't affiliated or associated in any way with Tutanota.

Mini tender offers seek to acquire less than 5% of a company's shares, letting the bidder skirt the sizable disclosure information required by the U.S. Securities and Exchange Commission on all other tender offers.

Tutanota has in recent months launched similar mini tender offers targeting shares of Bristol Myers Squibb, Bank of America and AbbVie.

The SEC more than two decades ago issued disclosure guidelines aimed at curbing potential abuses of mini tender offers.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

June 26, 2024 11:55 ET (15:55 GMT)

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