WASHINGTON (dpa-AFX) - Wednesday, Analog Devices, Inc. (ADI) announced that Tutanota LLC has made an offer to buy up to 100,000 ADI shares at $525 per share in cash.
However, the offer is conditioned on the closing price per share of ADI common stock exceeding $525.00 per share on the last trading day before the offer expires.
Although the offer price is currently above the market price of ADI common stock, this condition means that, unless it is waived by Tutanota, tendering ADI shareholders whose shares are purchased in the offer would receive a price below the market price of ADI common stock at the time the offer closes, the company stated.
If this condition is not met, Tutanota does not have to buy the shares.
The company recommends that shareholders do not tender their shares in response to Tutanota's offer because the offer requires that the closing stock price for ADI's common stock exceed the offer price, and it is subject to numerous additional conditions, including Tutanota obtaining financing for the offer, which Tutanota indicates it does not currently have.
The offer is scheduled to expire on November 16, 2026, but Tutanota may extend it for periods of 45 to 180 days until ADI's share price rises above $525.
The company advises shareholders not to accept the offer and recommends that those who have not responded take no action. ADI also advises investors to check the current market price of their shares and consult their stockbroker or financial advisor before making any decision.
ADI was trading at $402.26, up 1.31 percent on the Nasdaq.
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