Bank of America advises shareholders to reject Tutanota's $40/share mini-tender offer for up to 1M shares

BANK OF AMERICA CORP /DE/

Tutanota LLC offers $40/share for up to 1M BAC shares (0.01% of outstanding) under a conditional mini-tender.
Offer price conditioned on BAC stock closing above $40 on last trading day before expiration; otherwise below-market.
Expiration scheduled May 31, 2024, but Tutanota can extend by 45-180 days; financing condition also applies.
Bank of America not affiliated with Tutanota; similar mini-tender offers by Tutanota occurred in 2021 for BAC.
SEC has warned investors about mini-tender offers; shareholders may withdraw tendered shares before expiration.

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