Procter & Gamble recommends stockholders reject mini-tender by Tutanota

The Procter & Gamble Company “announced that it has been notified of an unsolicited “mini-tender” offer by Tutanota LLC to purchase up to 500,000 shares of the Company’s common stock at a price of $128 per share. The offer is conditioned on, among other things, the closing price per share of P&G stock exceeding $128 on the last trading day before the offer expires. This means that unless this condition is waived by Tutanota, P&G shareholders who tender their shares in the offer will receive a below-market price. Tutanota further states in its offering documents that it expects to extend the offer for successive periods of 45 to 180 days until the market price of the shares exceeds the offer price. P&G recommends shareholders do not tender their shares in response to this unsolicited mini-tender offer because the offer is at a price below a conditional market price of P&G’s shares and is subject to numerous conditions.”