Ford Motor Company received notice of an unsolicited mini-tender offer by Baker Mills LLC, a Delaware limited liability company, to purchase up to 400,000 shares of common stock, par value $0.01 per share, of Ford, representing approximately 0.010% of the company’s outstanding common stock.
Mini-tender offers seek less than 5% of a company’s stock and are not subject to some of the investor protections of larger tender offers and requirements of the U.S. Securities and Exchange Commission (SEC).
Baker Mills’ offer price of $7.00 per share in cash is approximately ~17.84% lower than the $8.52 closing price of Ford common stock on Dec. 14, 2018, the last closing price prior to commencement of the offer. The markets are closed today.
Ford, not surprisingly, does not endorse Baker Mills’ unsolicited offer. Ford recommends against shareholders tendering their shares in response to Baker Mills’ offer because it’s priced below the current market price of Ford common stock.
Ford is not affiliated or associated in any way with Baker Mills, its mini-tender offer, or the mini-tender offer documentation.
Ford urges shareholders to obtain current market quotations for their shares, to consult with their broker or financial advisor, and to exercise caution with respect to Baker Mills’ mini-tender offer.
Ford shareholders who already have tendered may withdraw their shares prior to the expiration of the offer, currently scheduled for 5 p.m. ET on Wednesday, Jan. 16, 2019. Ford recommends shareholders who have not responded to Baker Mills’ offer take no action.