logo
  

Home Depot Recommends Shareholders Reject "Mini-Tender" Offer By Tutanota - Quick Facts

Home improvement retailer Home Depot, Inc. (HD) recommends on Wednesday that shareholders do not tender their shares in response to Tutanota LLC's offer as the offer requires that the closing stock price for the company's common stock exceed the offer price. It is also subject to numerous additional conditions, including Tutanota obtaining financing for the offer, which Tutanota states it does not currently have.

Home Depot has been notified that Tutanota has made an unsolicited "mini-tender" offer to purchase up to 1 million shares or less that 5 percent, of Home Depot's common stock, at an offer price of $360 per share.

While this offer price is above the current market price of the company's common stock, the offer is conditioned upon, among other things, the closing price of Home Depot's common stock exceeding $360 per share on the last trading day before the offer expires.

This means that shares tendered in the offer will only be accepted if the offer price is below the closing market price. In fact, the offer states that as of the date of the offer, Tutanota expects to extend the offer until the market price of Home Depot's common stock exceeds the offer price.

Tutanota can extend the offer and delay payment beyond the expiration date of the offer, currently scheduled for 5:00 p.m., New York City time, on Friday, June 18, 2021.

Home Depot noted that it does not endorse Tutanota's unsolicited mini-tender offer and is not affiliated or associated in any way with Tutanota, its mini-tender offer, or its mini-tender offer documents.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Drug major Pfizer has again expanded the earlier two recalls of its anti-smoking Drug Chantix (Varenicline) in the form of tablets, to now include all the lots, for the potential presence of nitrosamine impurity, N-Nitroso- varenicline, at or above the FDA interim acceptable intake limit (ADI), the U.S. Food and Drug Administration or FDA said in a statement. Department store chain Sears is closing down its last store located in its home state of Illinois, CNBC reported. The company, which was founded in Chicago in 1892, plans to shut the shop, located in Simon Property Group's Woodfield Mall, on November 14. Sears' parent company, Transformco, which also manages the real estate, said it plans to maximize the value of the Woodfield Mall property and Amazon said over 1 million people have applied for a job at the tech major as part of its Career Day 2021. Job seekers from more than 170 countries have participated in the virtual event. In addition, more than 2,000 Amazon recruiters offered 30,000 individual career coaching sessions with participants in a single day.
Follow RTT