Analog Devices Urges Shareholders to Reject Tutanota's $525 Conditional Tender Offer

Analog Devices Inc. (ADI) on Wednesday advised shareholders to reject a tender offer from Tutanota LLC to buy up to 100,000 ADI shares at $525 per share in cash, citing conditions that could leave tendering holders with less than market value. The offer is contingent on ADI's closing price exceeding $525.00 on the last trading day before expiration. Unless Tutanota waives the condition, shares purchased would be acquired below the market price at closing. Tutanota also lacks committed financing for the offer, ADI said. The offer is set to expire November 16, 2026, but Tutanota may extend it in periods of 45 to 180 days until ADI's share price rises above $525. ADI recommended shareholders who have not responded take no action. ADI traded at $402.26, up 1.31 percent on the Nasdaq.