Sandisk Corporation (SNDK) announced it recommends shareholders reject an unsolicited "mini-tender" offer from Tutanota LLC to purchase shares. The company stated the offer is conditioned to result in a below-market price for tendered shares and is not endorsed by Sandisk.
Key Details
- Offeror: Tutanota LLC, an unaffiliated third party.
- Offer Terms: An offer to purchase up to 100,000 shares of Sandisk common stock (less than 0.07% of outstanding shares) at $1,150.00 per share.
- Conditional Price: The offer is conditioned on the closing price of SNDK stock exceeding $1,150.00 per share on the final trading day before expiration, meaning tendering shareholders would receive a price below market value.
- Expiration Date: The offer is currently scheduled to expire at 5:00 p.m. Eastern Time on May 20, 2026.