Qualcomm on Friday urged its shareholders to reject an unsolicited “mini-tender” from an investment firm that has made similar offers to dozens of blue-chip companies in recent years.
Tutanota, a Delaware-registered private investment company, offered to purchase up to 500,000 Qualcomm shares — less than 0.05% of the San Diego-based wireless pioneer’s stock — at $150.00 per share. The stock closed Friday at $136.20 per share.
Mini-tenders seek to acquire less than 5% of a company’s outstanding shares to avoid disclosure and procedural requirements set by the Securities and Exchange Commission to protect investors.
Qualcomm warned that shareholders who tender their shares under the offer could ultimately receive a below-market price.
The company quoted advice from the SEC that “investors need to scrutinize mini-tender offers carefully. Some bidders make mini-tender offers at below-market prices, hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price.”
Last month, Tutanota made a similar mini-tender for shares of the pharmaceutical giant Merk, which like Qualcomm urged rejection of the offer.
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