CrowdStrike (CRWD) said late Friday it recommends stockholders not tender their shares in response to Tutanota's unsolicited mini-tender offer to purchase up to 500,000 CrowdStrike common shares at $260 apiece in cash.
The offer price of $260 per share is conditioned on the closing price of CrowdStrike stock exceeding $260 per share on the last trading day before the offer expires, the company said. The offer is also subject to additional conditions, including Tutanota obtaining financing.
Unless this condition is removed by Tutanota, CrowdStrike stockholders who tender their shares in the offer will receive a below-market price, the company added.
Tutanota can extend the offer and delay payment beyond the expiration date, currently set for 5 pm, New York City time, on Oct. 19. The offer states that Tutanota intends to extend it until CrowdStrike's stock price exceeds $260 per share, the company said.
CrowdStrike said it does not endorse Tutanota's unsolicited mini-tender offer and is not associated with Tutanota or the offer. Stockholders who have already tendered their shares can withdraw them before the offer expires, in accordance with the offering documents.
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