Private investment firm Tutanota has launched an unsolicited mini-tender offer to acquire up to 250,000 shares of AbbVie Inc. (NYSE: ABBV) at a price below market value, according to an announcement from the pharmaceutical company last week. AbbVie has made it clear that it does not endorse Tutanota’s offer and has no affiliation with the investment company, cautioning shareholders against participating. The drug maker also advised those who have already tendered their shares that they have the option to withdraw them before the offer expires on June 28.
Analysis indicates a pattern with Tutanota, which has previously made similar unsolicited offers for shares of major pharmaceutical stocks, including Bristol Myers Squibb (BMS; NYSE: BMY) and Eli Lilly (NYSE: LLY).
AbbVie’s press release highlighted that mini-tender offers are a tactic used to deceive shareholders into selling their shares at a discount. These offers typically target less than 5% of a company’s outstanding shares to circumvent certain regulatory obligations.- Flcube.com
