Bank of America Warns Shareholders of Unsolicited Offer

Bank of America (NYSE: BAC) has issued a warning to its shareholders regarding an unsolicited "mini-tender" offer from Tutanota LLC (Tutanota) to purchase up to 1 million shares of Bank of America common stock at $40.00 per share. The offer price is conditional on the closing price per share of Bank of America's common stock exceeding $40.00 per share on the last trading day before the offer expires.

Bank of America has recommended that shareholders do not tender their shares in response to Tutanota's offer due to the conditions attached to the offer, including the requirement of the closing stock price to exceed the offer price and the uncertainty of Tutanota obtaining financing for the offer. Shareholders who have already tendered their shares have the option to withdraw them at any time before the expiration of the offer.

It's worth noting that Tutanota's mini-tender offer is for less than 5 percent of Bank of America's outstanding shares, thus exempting it from certain disclosure and procedural requirements of Securities and Exchange Commission (SEC) rules designed to protect investors.

Bank of America, a global leader in wealth management, corporate and investment banking, and trading, serves approximately 69 million consumer and small business clients, with around 3,800 retail financial centers and 15,000 ATMs in the United States.

As a result of these announcements, the company's shares have moved 0.4% on the market, and are now trading at a price of $38.45. For the full picture, make sure to review Bank of America's 8-K report.

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