Palo Alto Networks (NASDAQ: PANW), the global AI cybersecurity leader, announced today that it has received notice of an unsolicited "mini-tender" offer from Tutanota LLC to purchase up to 250,000 shares of Palo Alto Networks' common stock at a price of $450.00 per share in cash.
The offer represents approximately 0.03% of Palo Alto Networks' outstanding common stock.
Palo Alto Networks does not endorse Tutanota's unsolicited mini-tender offer and is not affiliated or associated in any way with Tutanota, its mini-tender offer, or the offer documents.
The offer price of $450.00 per share is conditioned upon, among other things, the closing price per share of Palo Alto Networks' common stock exceeding $450.00 per share on the last trading day before the offer expires. This means that, unless this condition is waived by Tutanota, Palo Alto Networks stockholders who tender their shares in the offer will receive a below-market price. Tutanota can extend the offer for successive periods of 45 to 180 days, in which case payment would be delayed beyond the scheduled expiration.
Stockholders who have already tendered their shares may withdraw them at any time by providing notice in the manner described in the Tutanota offer documents prior to the expiration of the offer, which is currently scheduled for 5:00 p.m. ET, on Monday, November 2, unless extended.
PANW shares gave up $10.72, or 2.8%, to $369.85.
